NEXT EURO DOWN LEG BELOW 1.1730
The euro has continued to slip lower against the U.S dollar on Wednesday, with the EURUSD pair moving to a new weekly price-low of 1.1730. Continued fears over Catalonia and a strengthening U.S dollar are the main factors contributing to intraday euro weakness. The pair is currently trading around the 1.1748 level, as investors await the start of the U.S trading session.
A move below the 1.1730 support level is likely to trigger the next major move lower in the EURUSD pair. Below the 1.1730 level, sellers are likely to target the 1.1713 level, and the pairs 200-week moving average, at 1.1685.
If the EURUSD fails to push price below the 1.1730 level, buyers are likely move to test intraday buying demand above the 1.1750 level. Further resistance above 1.1750 is found at the 1.1780 and 1.1798 levels.