Current trend
The currency pair developed a strong bearish momentum. EURUSD is currently holding near the record low formed yesterday waiting for the storm that will arise during the FOMC minutes tonight. There was a significant pressure on the pair due to the Eurozone business activity which was alarming. The PMI fell to a 16-month low reflecting growing fears of economic recession.

Technical analysis
Bollinger bands are showing a moderate decrease. The price range is expanding keeping up with the serge of a bearish sentiment. MACD is extending downward keeping a stable sell signal. Stochastic is keeping a confident downward direction but entering the oversold area which could indicate a risk of reversal in the ultra-short term. Bears will look for January lowest drop at 1.0132. Below there, the pair can fall to 1.0082, then the bottom trendline of the channel and the psychological round number support level at parity, or 1.0000. Buyers will look for the previous support level of 1.0358, then 1.0480 and toward the top of the channel near 1.0555.

Key levels to watch from the upside 1.0132, 1.0082, 1.0000 – from the downside 1.0358, 1.0480, 1.0555