I talked about it yesterday here and now we're seeing the euro succumb to further downside pressure in trading today.
The technical picture is looking rough for the single currency and with the whole Russia-Ukraine saga playing out, it is biting at Europe's economic outlook. Add the fact that the ECB has failed to provide a firm communique ahead of next week's meeting, it is tough for traders to be confident about a big shift in policy for now.
EUR/USD is down 0.5% on the day to 1.1010 as price is coming close to test the 1.1000 region. That will be a key level to watch as a break below that will spell out further danger and pave the way for a steeper drop in the euro.
Other euro pairs are also looking quite dreadful at the moment. EUR/GBP is on track for a firm break below critical support at 0.8300 on the week:
Meanwhile, EUR/CHF and EUR/JPY are highlighting further downside risks for the euro as they both break below key support levels as well. The former is at its lowest since January 2015 with little in the way towards parity while the latter is breaking the daily floor though the 100-week moving average is seen @ 126.98.
