Failure to break $1.1000 triggers 0.77% decline in EUR/USD
Failure to break $1.1000 triggers 0.77% decline in EUR/USD
Demand for the euro around the level of $1.0943 in pair with the US dollar allowed the bulls to test the resistance around the psychological level of $1.1000, so the pair grew by 0.57%, but once again failed to break through this level. This triggered the liquidation of longs, and at the moment the euro, which broke the support at $1.0943, lost 0.77% of yesterday's high.
The decline of the euro despite the slowdown in consumer inflation in the U.S. may indicate the development of a major correction, where the next target for the bears may be the level of $1.0900. Its test is possible in case the Bank of England raises its interest rate, which could be a reason to sell the euro/pound cross rate.
Source: Euro (EUR) price prediction
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