The euro continues to slip lower against the U.S dollar, with price-action continuing to test the key 1.1958 technical support level. After trading below the 1.1989 level on Monday, sellers took firm control of the EURUSD pair, with dip buyers now losing momentum on tepid upside rallies. The euro risks further losses below the 1.1958 support level, with sellers likely to target the 1.1910 region. Traders now look to the next directional move in the U.S dollar index, as dollar buyers look for further upside towards the 92.60 level.
The EURUSD pair is strongly bearish while trading below the 1.1989 level, further downside towards 1.1958 and 1.1910 seems increasingly likely.
Should the EURUSD pair start to recover above the 1.1989 level, buyers may start to target the 1.2030 and 1.2050 upside levels.
