The EUR/USD has fallen to below the S3 monthly pivot at 1.0583 and then hit a new low at 1.0497. It is quite rare for the exchange rate to break below the S3 monthly pivot - these are very extreme levels.
Returns in financial markets do not follow patterns of normal distribution, however, so there is still a possibility the pair could continue falling even lower – particularly in the mid-term when many analysts are calling for parity.
In the short-term, however, I would act cautiously with a break of the 1.0497 lows required to confirm a move down to a target at 1.0400. Alternatively there is the possibility of a sideways consolidation unfolding, particularly below the 1.0650 resistance level.
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EUR/USD: 1.0500 Now Breached
Published 03/12/2015, 05:42 AM
Updated 07/07/2019, 08:10 AM
EUR/USD: 1.0500 Now Breached
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