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FOREX: EURUSD Sinks to Lowest Level Since November 2022

FOREX
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  • The combination of single currency weakness and the extension higher for the greenback has triggered a deeper selloff for EURUSD, kickstarted by the pair cleanly breaking support at the bear trigger of the Nov 22 low at 1.0335.
  • The low print so far according to Bloomberg was 1.0226 in relatively thin trade, a level that matches closely with the 1.0223 low on Nov 21, 2022. As noted, today's price action keeps moving average studies in a bear-mode position, highlighting a dominant downtrend to begin the year.
  • While there are small supports noted at 1.0198, and 1.0181 (the 2.0% 10-dma envelope), chart levels remain scant between here and parity. Given the market may still be experiencing lower levels of liquidity, a further extension lower should not be ruled out.
  • As a reminder, the holiday season stretches the December Eurozone inflation round over two weeks this year. Our full preview is here: https://mni.marketnews.com/4hfz4HN
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  • The combination of single currency weakness and the extension higher for the greenback has triggered a deeper selloff for EURUSD, kickstarted by the pair cleanly breaking support at the bear trigger of the Nov 22 low at 1.0335.
  • The low print so far according to Bloomberg was 1.0226 in relatively thin trade, a level that matches closely with the 1.0223 low on Nov 21, 2022. As noted, today's price action keeps moving average studies in a bear-mode position, highlighting a dominant downtrend to begin the year.
  • While there are small supports noted at 1.0198, and 1.0181 (the 2.0% 10-dma envelope), chart levels remain scant between here and parity. Given the market may still be experiencing lower levels of liquidity, a further extension lower should not be ruled out.
  • As a reminder, the holiday season stretches the December Eurozone inflation round over two weeks this year. Our full preview is here: https://mni.marketnews.com/4hfz4HN
image