Technical Analysis

EUR/USD falls below 1.13 as the euro follows the pound lower

The euro isn’t spared from the pound’s downfall


Price now is testing the 100-hour MA (red line) @ 1.1291 and a break below that would turn the near-term sentiment more bearish again. The pound looks destined to retest the year’s low @ 1.2662 against the dollar unless Theresa May can pull off a miracle to salvage the situation at hand. Such a move will indirectly drag the euro lower versus the rest of the major bloc as well.

If the 23.6 retracement level @ 1.1283 gives way, we’re looking at a move back towards the year’s low @ 1.1216 with only minor swing region resistance @ 1.1250 standing in the way of that.

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