How Low Can the Euro Go: Key Levels

For a while now, we have been pretty bearish on the Euro. So far this year the USD has been weak and the Euro has really been on a bullish tear. However, things are now turning.

As I mentioned in my morning preview, the Euro looks set to break down, if it can navigate its way through the 1.1700 level. If it can then look out below!

EUR/USD – 240 min Chart.

There are a few support levels that we can target:

Support

1.6650

1.6200

1.6000

This first order of business is to hold below the current support level at 1.1700. If we can do that then we have some great rewards on offer. But also keep in mind we have NFP tonight and that can certainly move the USD in a big way so please keep that in mind.