- EUR/USD regains some poise and bounces off 0.9800.
- The loss of this region exposes a drop to the 0.9685 level.
EUR/USD prints new cycle lows around 0.9800 and sparks a marked rebound soon afterwards.
The pair seems to have met some apparent contention in the 0.9800 neighbourhood so far. Further weakness, however, remains well in store for the time being and could force spot to challenge this zone sooner rather than later. The breakdown of this region could lead up to a visit to the October 2022 low at 0.9685.
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0701.
EUR/USD daily chart
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