EUR/USD just a touch away from the February low at 1.0778
The dollar is continuing to rampage against the rest of the major currencies bloc today, with the euro slumping once again to one-month lows under 1.0800.
Price is now hovering dangerously close to the February low at 1.0778 - the low this year as well - and a break below that could exacerbate further downside pressure in the pair.
There is still the tendline support at 1.0764 to watch out for but given the recent dollar momentum, it is hard to argue that this will be the level to stop the carnage.
Dollar funding pressures are still persistent in this market and with equities not really turning the corner just yet, it is hard for investors to feel too comfortable - especially when emerging markets are still selling off as well.
Beyond the 1.0778 level, there is not much support level for EUR/USD on the way down as sellers will start eyeing the 1.0500 level potentially next.
