Quick turnaround for the euro
The euro is at the lows of the day and sinking into the London fix. Part of the decline is weakness in risk appetite on US-China worries but this is largely a technical move.
For the second day, EUR/USD failed to hold gains above the 1.1000/20 range of tough resistance and now the sellers have gained the upper hand.
It’s far too early to say the battle is over as we still remain well-above yesterday’s lows. This is one of many truly-compelling charts to watch right now as markets try to push into a new, more-optimistic range.