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- EURUSD: Euro Finally Drops Below 1.13
EURUSD: Euro Finally Drops Below 1.13
It was a very positive night for the US dollar as the
greenback was trading sharply higher against all the major currencies, with the
dollar index rising 0.60% to trade at fresh 17-mth highs near 97.50. This has pushed
the EURUSD pair down by 0.8% and the pair was also seen at 17-mth lows,
hovering around 1.1250.
More importantly, the EURUSD pair has finally broken down
from the long-term consolidation phase and this has confirmed the downward
bias. Thus, as long as the euro remains below 1.13, the immediate trend seems
bearish.
The next target for bears may be considered near 1.1120 and
afterward at the psychological level of 1.10. The RSI indicator seems to
confirm the downward momentum for now.
If the euro jumps back above 1.13, the latest bearish
breakdown would be flagged as false and the single currency could rise back
toward 1.14 in the initial reaction.
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