Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)
Bearish price action on the EUR/USD pair (a daily chart of which is shown) was absolutely unrelenting on all of Tuesday and as of early Wednesday morning. In the process, a two-year low for the pair was reached. The bears seem to be in full force, and even if there is an impending consolidation or minor correction, which should soon be due, the overall market sentiment on this pair at this time appears strongly biased to the downside. In the event of this continued downward momentum, key support below resides around 1.2450, a major prior support/resistance region.
(Note: Please check back to this blog often, as I frequently add price action updates to the bottom of these posts on an ongoing basis. Thank you.)
UPDATE: Extremely bearish price action as of early Friday morning in New York has pushed the pair down to just around 45 pips shy of the major support target around 1.2450 as mentioned above. Price then retreated from this region. Going forward, key support should remain at that level.