After a fairly successful rapid rally, the euro has started to lose ground again and remains under selling pressure, unable to fight back. It seems unlikely that it will show any significant strength in the near term. The situation favors the U.S. dollar, as everything points to the continuation of a downward impulse movement.

A wave iii of III is likely developing, which means the decline promises to be prolonged and rather sharp. For this reason, it is recommended to continue viewing the situation as bearish and to consider opening sell positions.

Recommendations: SELL 1.1500, SL 1.1530, TP 1.1200