Breaking: EUR/USD tumbles as EU Commission warns of surging covid cases

European Commission President Ursula von der Leyen has issued a stark warning, saying that COVID-19 cases will continue increasing in the next two-three weeks. She urges governments to step up the response and labels the recent jump in infections as alarming. 

Her comments come ahead of an address to the nation by French President Emmanuel Macron, who will reportedly announce a second nationwide lockdown. German Chancellor Angela Merkel is also mulling such a move. 

Hospitalizations and deaths related to infectious diseases have also been rising across the continent. Spain already declared a state of emergency and Italy slapped restrictions. 

EUR/USD hit a low under 1.1730, extending its losses. The Relative Strength Index on the four-hour chart is near 30, thus close to entering oversold conditions. The downside target is 1.1685, a double-bottom. Resistance awaits at the daily high of 1.1797.

Here is how the latest move looks on the euro/dollar chart:

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