EURUSD may continue its downfall on Thursday

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This week has been very difficult for the Euro as the shared currency has lost over 100 pips against its US Dollar counterpart this week.

The pair continued its heavy down slide from last week this week Monday, managing a recovery Tuesday only to return southwards bound this Wednesday.

On a pure Technical Analysis basis, there seem to be more possibility for the pair to continue its downfall Thursday, ultimately ending the end on a 2 month low having breached its lowest support of 1.2750 on Wednesday. The support was met on the 10th September, 2012

Indicators on the EURUSD daily chart point to a bearish mode for the next couple of days with MACD, Parabolic SAR and SMA all indicating a selling trend on the EURUSD.

The US Dollar Index also seems to be accelerating Northwards hitting a 2 month high of 80.77 with the Index still looking for a resistance.

All these points to more fall for the EURUSD in the coming days. The pair is presently quoting at 1.2769 as at 22:17 GMT+1, 7th November 2012

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