"FX positioning and technicals both offer scope for euro declines, and we see a weaker euro outlook over both the near and medium-term".
Technically, EUR/USD has broken below 200-day MA support at $1.2826, says Wells Fargo. "The next downside targets are prior lows at $1.2466, $1.2242, and $1.2134 (all August lows), and eventually $1.2043 (July low)".
There are layers of resistance from prior highs at $1.3140 (October), $1.3172 (September), $1.3284(May), $1.3386 (March) and $1.3487 (February), according to the analysts.
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