EUR/USD Below Support

EUR/USD closed the European session in the red today after it went below support on the short-term. The pair dipped under 1.07, which was seen as immediate short-term support and is now still trading below that line.

If the pair continues in that direction, we might expect first support zone at 1.0619, second is seen at 1.0450 and major support is the lowest at 1.0338.

On the other hand, if bulls take the advantage of the dip, they can boost the price up to the latest high at 1.0825 thus forming a potential double top. If that does not hold, 1.09 is seen as major short-term target.

Whichever comes first will most likely be impacted by either Trump's success or Trump's failure to implement his new policies.

Chart: EUR/USD H4