The common European currency failed to pass the resistance cluster at the 1.1380 level against the US Dollar. As forecast, the event has resulted in a decline. However, on Tuesday morning the currency exchange rate had still not reached its target at 1.13.
In general, the rate is expected to reach the 1.13 mark, where a previously pierced through lower trend line of a large scale pattern is located at. If one looks at the larger scale patterns, it can be seen that the trend line is expected to be broken eventually.
Although, note that the support of 1.13 is bound to pause the decline of the EUR/USD. The rate will need additional resistance levels to pass the 1.13 and reach down to weekly S1 of the simple pivot points at 1.1289.
