Eurollover?

By -

Watching the EUR/USD is interesting right now. Take a look at this chart:

0908-eur

What I see is:

(a) a break of a major ascending trendline, circled in red;

(b) an attempt at retracing to the broken trendline, circled in green;

(c) a failure of the horizontal line, highlighted in yellow, and a current attempt to retrace to that line

If the EUR doesn't make it past that horizontal line, and starts falling away, odds seem favorable for further weakness.