EUR/USD breaks yesterday's low, what levels to look out for next?

Technical Analysis

Author: Justin Low | eurusd

The pair touches a low of 1.2176 on the day

The dollar continues to pick up further traction on the day, with the euro now slipping down to being one of the worst performers alongside the commodities bloc.

That has seen EUR/USD fall further and the low has now broken that of yesterday - which was at 1.2182. The second wave of dollar strength on the day seems to be providing fresh impetus for sellers to continue picking at the pair for the moment.

So, what levels to look out for next?

The next set of support levels are the big ones and the most important levels in the pair this year. First off we have the 18 January low of 1.2165 but the key will be the February low at 1.2155. Those two levels have kept the pair in range so far this year, and will be key in determining whether or not price will hold up or if the pain seen here is just the beginning.

The next key risk event for the pair will be the ECB meeting tomorrow, but if the dollar continues to make strides later in the session it might not be long before we encounter a test of said levels above.

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