Euro Dips Below Prior Week's Low

The decline (although brief) below last week?s low at 1.3541 is additional evidence that at least a temporary top is in place. A weekly close below 1.3541 would be more convincing (and the 20 day SMA is at 1.3559?which is giving way).

Even if the decline from the top is just a correction, it is likely that the decline extends to the 100% extension of 1.3677-1.3559 / 1.3622 at 1.3504. A break below there exposes the 161.8% extension at 1.3431. 1.3622 is resistance and needs to remain intact in order to keep the bearish structure intact.