Robust build ups are observed on every down streak on monthly charts, if it does not mange to hold onto the current levels ahead of ECB's stimulus programme then we wouldn't be surprised to see $1000 event.
We believe, today even if it makes an attempt of jump above baseline again (at 1048.23) but bears could not resist to hold these levels to push it southwards at 1000 (spot) marks slipping towards 78.6% fibo targets.
confirms continuation: The pair at this psychological juncture testing supports, while still evidences downward convergence with sharp declines both on weekly and (Currently, trending around 29.4987 while articulating), so this indicator justifies current prices dips.
supports momentum: To substantiate these price slumps, slow curves view on weekly charts signifies to remain in sync with the standpoint offered by . %D line crossover is maintaining even below 20 levels which is oversold zone bolsters more selling pressures, (Currently, %D line is at 11.9945 and %K at 1.7148 while articulating).
Hence, contemplating above technical indications, it is advisable to short rallies for targets of 1030.10 or even up to 1000 levels on medium term basis with strict stop loss of 1070.50 levels.