Euro slumps to the lowest levels of the month. Is this the dip everyone's been waiting for?

EUR/USD hits stops below 1.1164

The euro chart is looking worse by the minute.

Yesterday was a big test of 1.1299, which was the US election-night high. It failed and then reversed in a big gravestone doji pattern. Today it's still early but it looks like we're getting confirmation with the fall below the June lows.

The next big support level to watch is the May low of 1.1109.

The good news is that for weeks, analysts have been calling for a dip to buy in the euro and it's finally here. The 100-day moving average is crossing the 200-dma today in a golden cross.

So the only question is to buy the dip near 1.1109 or save some dry powder in case it falls to 1.1000.