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  • EUR/USD plummets well south of the 1.20 mark.
  • The Fibo level around 1.1887 comes up next on the way down.

EUR/USD rapidly loses momentum and extends the drop to multi-week lows in the 1.1930/25 band on Thursday.

The loss of the 200-day SMA (1.1991) does not bode well for spot and allows for a deeper pullback to, initially, the Fibo level (of the November-January rally) at 1.1887. If the selling impulse picks up pace, then the next support emerges at 1.1835 (March 9 low).

On the broader view, further decline in EUR/USD is predicted while below the 200-day SMA, today at 1.1991.

EUR/USD daily chart