The euro is taking a hit today after the market saw disappointing economic sentiment data. Last week, we were already anticipating a decline in EUR/GBP as it appeared to be forming a head and shoulders pattern. Today, we saw this topping development come to a head with price falling towards 0.76.EUR/GBP Daily Chart 5/24(click to enlarge)After the 5/24 session, EUR/GBP appears to be convincingly pushing towards a critical support/resistance juncture in the 0.7480-0.7525 area. This was the resistance area of a consolidation range that developed from March 2015 to January 2016. I think the EUR/GBP has downside towards this area around 0.75, but I would anticipate some support or stickiness around this area, with some extension possible towards 0.74. If there are buyers, we can see an upside back towards 0.77.