EUR/USD touched a 7-month low today
The euro touched 1.0566 at the lows today on talk of a two-tiered deposit rate system from the ECB.
We'll have a closer look at that story shortly but for now, the chart tells the story.
It's been a swan dive to 1.06 from 1.15 over the past seven weeks. Even today when a bit of a squeeze hit as USD longs closed out positions ahead of the long weekend, the bounce has been small and is faded already.
Looking at the chart, there is simply no significant support until the April low at 1.0517 and the March low of 1.0462. Ultimately, the ECB next week is what matters but if leaks about action continue to come, then we'll get there before Draghi takes the stage.
