EUR/USD downside looks set to continue
Yesterday’s late bounce in EUR/USD failed to hold, with price subsequently tumbling once more. Crucially, this takes us back to the historically significant $1.0525 support level, which will be a key hurdle to overcome for further losses to come to the fore.
An hourly close below yesterday’s low of $1.0514 would be very telling here, as that would not only necessitate a break through $1.0525, but also would continue the downtrend instigated earlier in the week. Alternately, an hourly close above $1.0571 would portray a market that could go into a recovery phase. Until then, a continuation of the downtrend remains the preferred option for this pair.