EUR/USD crashes below 1.16 after SNB removes currency cap on Franc


FXStreet (Mumbai) - EUR/USD crashes below 1.16 after SNB removes currency cap on Franc.

The single currency crashed to fresh multi-year lows versus the US dollar after the Swiss National Bank (SNB) removed cap on the franc at 1.20 per euro.

Currently, the EUR/USD trades at 1.1648, down -1.12% on the day, quickly pulling away from fresh multi-year lows of 1.1580, breaking below the 1.16 mark.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1805 (5-DMA) levels, above which gains could be extended to 1.1832 (10-DMA) levels. On the flip side, support is seen at 1.16 levels, below which it could extend losses to 1.1580 levels.

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