EUR/USD tumbles heavily
EUR/USD is continuing to sell off heavily following a break below $1.1334 yesterday. While such a break was likely to result in significant losses, we have still not seen the signal needed to say the longer-term uptrend that has been in place since March is finished.
We would need a close below $1.1144 for that. Until then, the short-term bearish outlook persists, with the 76.4% Fibonacci retracement representing the final notable support level before $1.1144. As such, a short-term bearish view is held which would be expanded to a medium-term view should we break below $1.1144.
However, there is a chance of a bounce at $1.1214.