EUR-USD Weekly Update

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In my previous post I was calling for a rally in the EUR-USD which would carry the pair up to a 1.4197 target. I noted that 1.3613-1.3637 was to act as weekly closing prices which would indicate near term support. Until this last week, all of the weekly closing prices respected the 1.3613 support level. With this most recent week closing below the respective support level, this would indicate that we are very close to a resumption of the Euro panic selling. Although price has closed below the support target, the EUR-USD is still supported by a planetary fan line located at 1.3533
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The last time the EUR-USD broke this type of planetary fan line, it declined over 2000 pips. I no longer expect price to rally up to the 1.4197 target. Instead, I am now looking for a break below 1.35 which would result in a price vacuum. Massive selling pressure and panic is expected to accompany the Euro's break. Price is expected to reach 1.3052 before a pause to the selling would take place.