As from the moment the euro currency was available as method for payment in January 2002, it rose from 85cts against the USD to 160cts in July 2008. As a reaction to this impulse, the EURO is making a sideways correction around 135cts +/- 15cts roughly for some years now. Looking at the shape of this correction I see a zigzag pattern of which the latest leg is being formed downwards as from 140cts in May this year. At that moment there was a false breakthrough through the descending trendline over the tops (blau circle) and as a reaction to this the currency made a big dive. I expect the EURO to find temporarily support around current level due to the ascending blue trendline. As soon as this support breaks, levels of 120/115cts can be expected, if not lower.