EUR/USD falls below key support levels
EUR/USD has dropped below the $1.1861 and $1.1837 support levels this morning, with the pair now testing the $1.1823 low. The break below those support levels, coupled with a retest of the $1.1861 as new resistance, points towards further downside from here. Watch out for an hourly close below $1.1823 as confirmation of this bearish outlook, with a likely strong move lower in response.
We would need a break up through $1.2004 to negate this bearish view. As such, even a rally would provide a bearish selling opportunity as long as we do not break the $1.2004 mark.