The heavy sell-off was triggered by soft economic data from France which not only darkened the already gloomy outlook but increased fears of a recession in Europe.
Euro bears went on a rampage yesterday, dragging the EURUSD to levels not seen in 20 years as traders cut bets on European Central Bank (ECB) rate hikes!
Prices are heavily bearish on the daily charts as there have been consistently lower lows and lower highs. Bears have a lot of freedom below 1.0350 due to the absence of any key support levels. The next level of interest can be found at 1.0200 and 1.0000.
If prices are able to push back above 1.0350, then the EURUSD could retest 1.0480
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