The EURUSD had been consolidating just above the 1.0650 price level, with the previous price action indicating the potential for a breakout to the upside.
However, as the DXY strengthened significantly today, the EURUSD broke lower from the 1.0650 price level, breaking the interim support level of 1.0575 to reach the 1.0545 price level.
With the current price action, further downside is now expected, especially if the DXY continues to strengthen. Look for the EURUSD possibly retrace to retest and reject the 1.0575 price level once more before continuing to trade lower, down toward the 1.0445 key support level.
However, as the DXY strengthened significantly today, the EURUSD broke lower from the 1.0650 price level, breaking the interim support level of 1.0575 to reach the 1.0545 price level.
With the current price action, further downside is now expected, especially if the DXY continues to strengthen. Look for the EURUSD possibly retrace to retest and reject the 1.0575 price level once more before continuing to trade lower, down toward the 1.0445 key support level.
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