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Current decline now eyes 1.1000 (and below)

  • EUR/USD dropped further and recorded fresh 2020 lows near 1.1030.
  • Further downside should target the key support at 1.10 the figure.

There is no respite for the decline in EUR/USD so far this week. After breaching below the 55-day SMA, the pair’s downside gathered extra steam and is now navigating yearly lows in the 1.1030 zone.

That said, the next relevant support emerges at the psychological mark at 1.10 the figure ahead of November 2019 lows around 1.0980.

The offered bias in the spot should remain unchanged below the 55-day SMA, today at 1.1089.

EUR/USD daily chart

 

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