EURUSD broke below the key 1.2800 level to post a 22-month low and currently at 1.2733. The bias clearly remains to the downside as the daily Ichimoku cloud is falling and the tenkan-sen and kijun-sen are negatively aligned.
RSI and MACD are in bearish territory, signaling scope for further downside moves.
The key 1.2800 level now acts as resistance as does the 61.8% Fibonacci retracement level of the 1.2040 – 1.3992 upleg.
The next target to the downside will be at 1.2660, the November 2012 low.
Overall EURUSD remains strongly bearish below 1.2800.