FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR dropped yesterday following the disappointing ZEW data for Germany and the Eurozone and expects the downside to continue on Wednesday.
"Today I expect the downside to continue with target 1.3490-1.3500 support area. If that is broken too (maybe not today) downside will continue to the major support and reversal area 1.3420-30."
"Closing below that on Weekly will reverse the bullish trend. But I don't think this will happen soon."
"Currently EUR is bearish on all time frames, so more downside to come, do not enter LONG."
"A correction has to appear later today or tomorrow morning, but I don't know where the downside will stop."