FXstreet.com (Barcelona) - The Euro is going through a severe sell-off ahead of the Frankfurt open, falling over 40 pips from an Asian session high at 1.2951, presently at its lowest since 12h ago around 1.2910.
Scrutiny over major media outlets is not helping to find any particular catalyst behind the sharp fall, which appears to be driven by lack of liquidity, as sellers dominance since the double top on the H4 chart last Sept17 continues.
While a break below yesterday's low at 1.2889 exposes next technical support level at 1.2850 ahead of 1.2815, buyers will have to regain 1.2950 first to subsequently climb back above 1.30 for the bearish momentum to fade, a prospect quite distant as technicals stand. Selling into rebounds appears a sensible strategy.
Scrutiny over major media outlets is not helping to find any particular catalyst behind the sharp fall, which appears to be driven by lack of liquidity, as sellers dominance since the double top on the H4 chart last Sept17 continues.
While a break below yesterday's low at 1.2889 exposes next technical support level at 1.2850 ahead of 1.2815, buyers will have to regain 1.2950 first to subsequently climb back above 1.30 for the bearish momentum to fade, a prospect quite distant as technicals stand. Selling into rebounds appears a sensible strategy.
