The Euro/US Dollar’s descent has been nothing short of incredible, and only a look at a 10 year chart gives us true perspective on the currency pair’s moves. Weekly RSI on the EUR/USD is now at its most bearish extreme since the inception of the Euro, and support at 2006 lows is the only worthwhile price floor above 1.2145. Given such extreme readings on weekly oscillators and a recent flip in EUR/USD sentiment, a short-term recovery seems the more likely outcome for the Euro/US Dollar pair. Yet dramatic declines suggest that more losses are in store on a more medium term basis for the fast-weakening Euro.