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EUR/USD 50-day SMA could stand in the way
EUR/USD breakdown goes on here, with yesterday’s rally to $1.1208 (the weekly pivot) being met by fresh selling. Now the low of last Thursday is under threat, with a push below $1.1130 likely to see a test of $1.1109, the crucial level.
Below this we have the key $1.10 level, although the 50-day simple moving average (SMA) at $1.1023 could stand in the way. From the looks of it, intraday rallies will continue to be sold for the time being.