EUR/USD falls to a low of 1.1528 on the day
The key to the pair's downside move in the last two days is the break of the 200-hour MA (blue line) yesterday. As mentioned at the time, it is a level that will define the near-term bias and a break below opens up the way towards a move to test the year's lows once the 1.1600 handle gives way.
With the pair now also breaking below yesterday's low and support @ 1.1543, last week's low at 1.1509 will be eyed next with sellers also looking for the 1.1500 handle.
There isn't any headlines causing the moves so far, it has mainly been a dollar story. This comes as cable breaks the 1.3100 handle and continues to nudge lower as well.
There is a decent-sized expiry at 1.1500 rolling off today, so that will be one to eye along with barriers at the same level. Right now, momentum and bias is still siding with sellers so I would be not inclined to fight that.
Let's see if a defense near the 1.1500 handle will hold this time around.
