While a decline in a German September business index and easing talk from Draghi leaves the Euro in a downward bias to start today, the Euro should find some support at the old consolidation low zone of 1.2835 butwithout a sudden and distinct shift in global headlines from the containment of Ebola or a sudden Russian Peacedeal with the Ukraine, one has to assume that the path of least resistance in the Euro is set to remain down.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. With theclose higher than the pivot swing number, the market is in a slightly bullish posture. The next downside objectiveis now at 128.1150. The next area of resistance is around 128.8899 and 129.2750, while 1st support hits today at128.3100 and below there at 128.1150.