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The severe weakening of the EUR/USD continues with prices poised on the ledge of a support price of 1.1160. Should prices break down through this support price, then the next potential support area won’t be encountered until prices hit 1.0850.
As you’ll see, these important price points are shown on the chart following. . .
It’s most important to state here that the Eur/Usd has broken an important price point on the longer-term basis and has a very high probability of reaching 1.0525 on the downside; a goodly drop from present price levels.
Because of this longer-term high probability, it’s most likely that we’ll penetrate the shorter-term support levels of 1.1160 and 1.0850.
Prices breaking below either of these supports will likely be followed by swift declines to the next support price areas. This is a volatile market as are these times for the EU. – George
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