EURUSD SELLING TO INCREASE BELOW 1.1500
The euro currency remains under heavy selling pressure against the US dollar, with the pair earlier sinking to a fresh six-month trading-low, hitting 1.1518. Financial markets have become increasingly worried about Italy’s current political and fiscal situation, causing investors to sell the euro currency. The EURUSD pair risks further heavy selling below the 1.1500 level, ahead of the release of key Inflation and Retail Sales data from the German economy.
The EURUSD pair remains strongly bearish while trading below the 1.1544 level. Key intraday support is located at the 1.1500 and 1.1425 levels.
If the EURUSD pair moves above the 1.1554 level, we may see a technical correction back towards the 1.1590 and1.1639 levels.