The euro continued its strong bearish momentum shortly after the Fed’s interest rate decision. This decline saw it move past the important support of the diagonal channel. However, will the pair continue moving lower?
28 September, OctaFX – The euro remains under heavy downside pressure against the greenback, amidst US dollar strength and financial market concerns about the Italian government larger than expected budget plan.
Euro Falls Significantly Below 1.1650
The EURUSD pair has now broken below the 1.1650 level, turning the short and medium-term trend to bearish. Sellers will likely target the 1.1553 level while buyers need to stabilize price above the 1.1650 level.
- The EURUSD pair is strongly bearish while trading below the 1.1650 level, key support is now found at the 1.1600 and 1.1553 levels.
- If the EURUSD pair moves above the 1.1650 level, price may correct back towards the 1.1680 and 1.1714 resistance levels.
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