EUR/USD plummets due to fundamentals

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Source: Dukascopy Bank SA


The EUR/USD is dropping due to crash of the European banking stock prices. A major run to safety is occurring. From a technical analysis perspective the pair has dropped to the support levels below 1.0550.

A move below the support levels near 1.0540 could look for support in the 1.0500 mark, prior to approaching the 1.0450 level and the weekly S2 simple pivot point. Further below, note the 1.0400 mark and the weekly S3 simple pivot point at 1.0365.

On the other hand, a potential recovery of the Euro might be caused by the ECB. In this case scenario, the pair would recover and face the 1.0600 mark, the weekly simple pivot point at 10.621 and the moving averages higher above.
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