The euro extended its major (long-term) downtrend to a low of 1.17035 during March, a test of its initial downside target of 1.16947. This price marks the 38.2% retracement level of the previous major uptrend from 1.06362 (March 2020) through the high of 1.23490 (January 2021). Monthly stochastics are bearish, but holding near the overbought level of 80% indicating there is plenty of time and space for the euro to move lower. If so, the next target is the 50% retracement mark of 1.14926 then the 61.8% level of 1.12905. It is possible we could see the secondary (intermeidate-term) trend turn up on the euro’s weekly chart, a move that would be considered Wave B (second wave) of the 3-wave major pattern. However, we have not seen a bullish secondary reversal pattern established this week, with the key being last Friday’s settlement of 1.1790. A close this week above that mark would complete a bullish spike reversal on the weekly chart.