- The bearish note remains unchanged around the European currency at the beginning of the week, extending the leg lower to the mid01.1500s.
- EUR/USD broke below the pennant pattern last week, opening the door for a continuation of the march south with initial target at 1.1527 (low June 27).
- A breakdown of 1.1527 should pave the way for another visit to the key contention area just above 1.1500 the figure (low June 21/May 29).
- In the broader picture, the pair’s stance remain offered while below the 1.1745/50 band.
Daily high: 1.1572
Daily low: 1.1549
Support Levels
S1: 1.1548
S2: 1.1529
S3: 1.1498
Resistance Levels
R1: 1.1599
R2: 1.1631
R3: 1.1650
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