Euro Technical Outlook

The next big move is most likely down for the EURUSD but it is unclear whether or not the pair will test resistance from the 61.8% retracement at 1.3811 or the 200 day SMA at 1.3890 before rolling over. The longer term trend is still viewed as down since the decline from 1.4723 is an impulse. I will be shorting either close to 1.40 or at lower levels if the pair shows signs of an impulsive decline.