EUR / USD Price Analysis: A drop to 1.1612 looming

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  • EUR / USD extends the slide and tests the 1.17 level.
  • The next support is the September low near 1.1600.

The EUR / USD continues to weaken and tests the monthly lows zone around the 1.1700 round level on Thursday.

The corrective downside appears quite firm and a deeper pullback is not ruled out on the short-term horizon. Therefore, if the bears remain in control, then a move towards the September lows at the 1.1610 zone could start to gain some traction.

Further down, the 1.15 level (March high) awaits, although a move towards this area would necessitate a significant deterioration of the fundamentals around the common currency.

Looking at the bigger picture, the bullish view for EUR / USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1276.

EUR / USD daily chart

EURUSD

Credits: Forex Street

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