Contrary to expectations, the currency pair broke through the combined support set up by the 100% Fibonacci retracement level at 1.1715 and the updated weekly S1 at 1.1710.
The reason behind such deep immersion was based on several reasons, such the Catalan referendum and a release of better than expected data on the US manufacturing activity.
There is a small chance that the Euro will manage to restore some positions against the Dollar.
However, the average market sentiment remains 58% bearish. In addition to that, now traders can rely on the above technical barriers, as a resistance to push the rate towards the 1.17 mark.
By the way, from the south the rate does not face any notable obstacles up until the monthly S1 at 1.1658.
