The Euro/Dollar has no technical support until 1.22
Analysts don't rule out a further drop to 1.2040
Technical analysts at Digital Look on Monday called attention to the clear signs of weakness apparent in the Euro/Dollar's weekly graph, despite the small bounce seen on Thursday after the European Central Bank's (ECB) policy meeting.
“We mentioned on Friday that the rebound had been so small that it hardly deserved to be descried as such and the US employment report was excuse enough to take out 1.26 support.”
They now see no support for the currency pair until approximately 1.22 and then further down at 1.2040.