EUR/USD - EUR/USD Plunged to 13-Year Low; Hit Target - 12/16/2016 (GMT)

The euro extended its losses during yesterday’s session against the greenback. The single currency plummeted to a 14-year fresh low at 1.0366 on the back of relentless U.S. dollar demand. The EUR/USD pair plunged more than 1% on Thursday and is currently recording the third consecutive negative week. Price hit our suggested target at 1.0460 and slipped below it with strong momentum (see technical analysis here: http://bit.ly/2hBW9b2). The pair was establishing and trading within a trading range in a weekly timeframe since April with upper boundary the 1.1620 resistance level and lower boundary the 1.0505, and if this week ends below the latter level, then it may begin a downward potential move until the 1.0200 strong support level.

On the daily chart, technical indicators headed sharply lower into the negative territory, however now the RSI indicator is sloping upwards. The MACD oscillator is holding below both, its trigger and zero lines. Going to the 4-hour chart, the 50-SMA had a bearish crossover with the 100-SMA endorsing the south move.