EUR/USD falls to 1.1611 and below key near-term levels
The pair is down to fresh lows on the day as the euro slumps across the board, with price dipping below its 200-hour moving average (blue line) of 1.1619. Keep a push below and sellers will regain near-term control and target the 1.1600 level next.
It has been a rough time for buyers amid the bounce last week as they have struggled to get above the 38.2 retracement level of the recent downswing around 1.1671 and that seems to be enough for sellers to turn things around currently.
A retest of 1.1600 beckons first and keep in mind that there are quite a number of large expiries pinned at the figure level over the next few days, so that could keep price action a bit more sticky to some extent.
However, the drop below key near-term levels pointed out above highlights the vulnerabilities in the pair that could see a retest of the 12-13 October low at 1.1525.
