The stock market shakeout is keeping the downward pressure on EUR/USD and strong demand ahead of yesterday’s 1.2841 low has given way.
There are bids layered from 1.2820 down to 1.2800 and the May low of 1.2797. It’s hard to imagine that level breaking today but it’s been a wild ride so far.
If it does give out there is talk of more demand down to 1.2770. The euro has managed to find a bid in some tough environments in the past two months, I wouldn’t count it out yet.
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