EURUSD breaks down as USD runs higher

We’ve finally seen the downside go in EURUSD and stops have been run through 1.1580 to a new low fo 1.1566. This now opens the door down to the low 1.15’s with 1.1530 the next main level to watch.

EURUSD H4 chart

EURUSD H4 chart

1.1580 is likely to start building resistance so a test and hold there will keep this move valid. Support isn’t that strong until we get to the 1.1450-1.1400 area.

Draghi is due to speak shortly but it’s on banking supervision so it likely to be a dud on monetary policy. We’ll be ready though in case he does drop something into the conversation.

Ryan Littlestone

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