FxWirePro: EUR/USD breaks support at 1.0720, Outlook strongly bearish

The Euro has continued to decline against US dollar as investors have broadly sold off euro after Euro area CPI figures released in the European hours came negative, the US dollar has continued to strengthen once again after market has calmed down from china's economic woes.

• Euro is set to decline against stronger dollar in the short term as the pair has broken major support located at 1.0800, the pair is set slip further towards 1.0670 and 1.0630 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.0800, a break above will take the pair towards next resistance level at 1.0850.
   
• To the downside immediate support can be seen at 1.0720 levels, a break below will open gates towards 1.0671 levels.
  
  Recommendation: Go short around 1.0720, targets 1.0670, 1.0 630 SL 1.0800
  
  Resistance Levels
  
  R1: 1.0786 (50% Retracement level)
  
  R2: 1.0800 (Psychological levels)
  
  R3: 1.0850 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.0720 (38.2% Retracement level)
  
  S2: 1.0671 (Nov 16th low)
  
  S3: 1.0640 (23.6% Retracement level)