EUR/USD likely to head lower before long
EUR/USD fell below the key $1.1606 support level on Friday, with the price failing to really follow through on that move quite yet. This points towards the possibility of a short-term move higher.
However, should that occur, it would be seen as a selling opportunity, with a bearish view in play unless we move back above $1.1691. We do not know whether we will see a retracement in the short term and, as such, watch for an hourly close below $1.1595 to highlight the possibility of a break lower. In either case, further downside is the outlook going forward.