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EUR/USD breaks below key support
Yesterday's European Central Bank (ECB) meeting sparked significant volatility, yet while we saw sharp moves in both directions, it was the downside which ultimately won out.
Crucially, we have since seen price break below the key $1.0911 support level, which has subsequently been utilised as new resistance. With that major support level out the way, we have precious few levels of note until we get down to the $1.0777 region.
As such, a bearish view remains, with the creation of lower highs and lower lows utilised to ensure the downtrend is staying on track. An hourly close above $1.0952 would provide a signal we could be on the cusp of a short-term bounce.