EURUSD BREAKS KEY TECHNICAL SUPPORT
The euro currency has fallen below the 1.1431 support level against the US dollar after official data showed German Manufacturing activity slumping to a two-year low in October. Technical traders now await confirmation that the recent technical breakout below the 1.1431 level is sustainable. EURUSD sellers will likely target the 1.1380 level, while buyers will attempt to move price back inside the 1.1431 to 1.1480 price range.
The EURUSD pair is strongly bearish while trading below the 1.1480 level, key technical support is found at the 1.1380 and 1.1300 levels.
If the EURUSD pair holds above the 1.1431 level, key intraday resistance is found at the 1.1450 and 1.1480 levels.