Taking into account the prevailing risk aversion context, EUR / USD is teasing new multi-day lows in the 1.1740 region on the back of the persistent investor preference for safe havens.
European coronavirus situation is worsening rapidly, the EUR / USD continues to falter after it's May-June rally to unexpected highs. Speculation about the US elections is boosting the safe haven dollar. A bearish image is drawn on Wednesday's 4-hour map, with another support line at risk.
In the very short term, the continuation of this pattern appears likely, allowing for a possible visit to the main dispute region in the 1.1700 neighborhood ahead of the monthly lows in the 1.1690/85 band. Above the current price line are very strong Weekly and Monthly Resistance lines.
Further south, the September low is close to 1.1610, although such a change will initially entail further weakening of the outlook on either the euro or the region's fundamentals.
Weiss Wave analysis from H4 onwards further predict the drop of the EURUSD
European coronavirus situation is worsening rapidly, the EUR / USD continues to falter after it's May-June rally to unexpected highs. Speculation about the US elections is boosting the safe haven dollar. A bearish image is drawn on Wednesday's 4-hour map, with another support line at risk.
In the very short term, the continuation of this pattern appears likely, allowing for a possible visit to the main dispute region in the 1.1700 neighborhood ahead of the monthly lows in the 1.1690/85 band. Above the current price line are very strong Weekly and Monthly Resistance lines.
Further south, the September low is close to 1.1610, although such a change will initially entail further weakening of the outlook on either the euro or the region's fundamentals.
Weiss Wave analysis from H4 onwards further predict the drop of the EURUSD