The Euro surged through key support at 1.0635 (2020 low) on Wednesday, extending steep fall into fifth straight day and hitting levels last traded in March 2017, after triggering stops parked below.
The single currency is pressured by risk aversion on worsening geopolitics, surging dollar, with stop of Russian gas supplies to Poland and Bulgaria today and strong fall in German consumer morale, adding to negative factors that weigh on Euro.
Close below broken 1.0635 pivot would signal an end of a cycle and open way for further losses as Euro is in extremely negative environment.
Bears eye initial supports at 1.0500 zone (Mar/Feb 2017 lows) followed by 1.0461 (Mar 2015 low) which guards key longer-term support at 1.0340 (Jan 2017 low), as the pair is on track for the biggest monthly fall since Jan 2015.
Minor price adjustments on strongly oversold conditions, are expected to offer better selling opportunities, as long as consequences from the Ukraine’s conflict persist.
Res: 1.0600; 1.0635; 1.0727; 1.0806
Sup: 1.0500; 1.0461; 1.0400; 1.0340
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