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New Lows for the Euro (EUR/USD, EUR/JPY, EUR/GBP)

EUR/USD continues to dig new lows on the year. It has blown by the 2013-low at 1.2745 as well as the Nov. 2012 low at 1.2660. It looks poised to test the 1.2440-1.2460 area which contains a previous resistance pivot from August 2012, as well as the 78.6% fibonacci retracement level. With the weekly RSI in oversold conditions, we should anticipate at least some short-term support here.

(EUR/USD Weekly Chart)

The EUR/JPY is reversing this week's bullish attempt and continuing a pullback against September's rally. The September rally was an attempt to break above the 2014-consolidation pattern and continue an uptrend since 2012.

If price can hold above 138.00, the bullish breakout is still valid, and we would have upside towards the 141.50 pivot, and the 145.69 high on the year. Below 137.50, however, EUR/JPY would remain in consolidation and there would be downside pressure on the 135.81 low on the year. 

(EUR/JPY Weekly Chart)

The EUR/GBP has been bearish since the 2009 high of 0.9798. It's been a choppy decline, but we still have to say that price has been bearish since 2009. This bearish mode is still in play and EUR/GBP is now poised to test the 0.7693 Oct. 2008 support pivot. The 2012 low of 0.7764 is in danger. Now, with the weekly chart pushing at oversold condition, we might expect some support here in the short-term. However, if the ECB is dovish on Thursday, we might have another bearish push toward 0.75 before stalling.

(EUR/GBP weekly chart)