EUR/USD extends fall as the euro slips a little further on the day

Technical Analysis

Author: Justin Low | eurusd

EUR/USD falls to a low of 1.1231 on the day

EUR/USD H1 16-07
The dollar is holding steady on the session but the euro isn't faring well as it falls against the likes of the greenback, yen and swissie with German yields pressured after the poor ZEW survey report earlier.

For EUR/USD, price is now falling below minor support @ 1.1238 and is looking towards further support around 1.1216 and bids at 1.1200 next. This comes as sellers regain near-term control after breaking below the 200-hour MA (blue line) @ 1.1248.

In light of the focus being on the dollar and Fed chair Powell's dovish remarks last week, EUR/USD has barely put up a fight to break to the upside. Now that sellers are looking to take over instead, this could spell trouble for buyers down the road.

The key risk event coming up will be US retail sales data later. Let's see if there's anything in that to change the current sentiment.

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