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EUR/USD breaking a major support, the bears continue the pressure

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The euro was able to break through at 1.09573, where the support trend line is located. Currently, the price is meeting support for corrective (blue) fiberglass in the area at 1.09441. Breaking in there and closing with a full body under the supports will confirm the bearish momentum, expecting the downward movement to continue to the next zone at 1.08021. On the upside, we have 1.1000 level which remains strong resistance.

The price is currently hovering around 1.0930 level against the backdrop of the stronger dollar at the start of the European session. If the Bears are successful, the price will be in a rather unfavorable situation before the ECB meeting on September 12, which is next week. Keep in mind that today there are leaking options, which are also a barrier in the area at 1.0945 - 50, which may be a certain limitation in today's decline.

Given the pressure on the euro, still look at the pound on all its fronts. A negative outage around Brexit will shake up more pounds, but this turmoil could also carry over to the single currency.


 Trader Martin Nikolov

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