A big move towards the end of last week is now signaling a reversal in the EUR/USD pair and a drop below 1.3500 will open another test of 1.3430. If that level is broken we will look forward to a continued move to 1.30 and then 1.25 over the next few months. Unfortunately, we expected the retracement to move much higher than the 1.3800 level, but at this point, we have to keep our eyes on the move lower. We are looking for consolidation on Monday and Tuesday before another big break lower occurs. There is quite a bit of news spread out throughout the week so well be looking for a trigger for the next move in favor of the dollar.

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