FXstreet (Barcelona) - The Euro has declined further today on the back of weak Euro Zone data. The ActionForex Technical Team expects the cross to drop further: Further decline is now expected to retest mentioned 1.5342/60 support zone. As discussed before, Sustained trading below 1.5342 will indicate that decline from 1.6019 has resumed and set the stage for deeper fall to next short term target of 1.4966 cluster support (61.8% retracement of 1.4309 to 1.6019 at 1.4962) and probably below.

On the upside, the ActionForex Technical Team foresees: While another recovery cannot be ruled out, further decline is still expected as long as EUR/USD stays below 1.5644 resistance.