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EUR/USD suffers after Catalan referendum
EUR/USD is sharply deteriorating this morning, after the weekend’s Catalan referendum brought about a clear push for independence. This issue is unlikely to go away any time soon and thus we could see further downside yet as it unravels.
Looking at the chart, the retest and respect of $1.1823 as new resistance is a bearish sign, with the price likely to drop back below $1.175 to continue the downtrend of recent weeks. An inability to break below $1.1715, followed by a move up through $1.1832, would negate this current bearish outlook.