Euro Falls To Two-Year Low
On Friday we saw a sharp downside breakout in the EUR/USD that has sent the currency pair as low as 1.0332 from where it swiftly recovered back to the former support at 1.05.
Some of the reasons for the euro’s downside was the escalation in the Russia-Ukraine war ahead of potential Trump-led ceasefire discussions in January 2025 while another reason for the slump was weak data illustrating the weak state of the eurozone economy.
If the euro falls back below 1.04, we see a next lower target at 1.0220. On the other side, if the pair is able to stabilize above 1.0550 again, we see increased chances for a correction towards 1.06 and 1.07.
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