The common currency extended declines on Tuesday, losing 0.3%. The eurozone’s consumer confidence report released during the day saw the index falling to -7.9. This was below the estimates of -7.0. Economic data was sparse over the day. The ECB will be releasing its economic bulletin later today.
Can the EURUSD Fall Further?
The EURUSD currency pair fell to a three-week low, briefly slipping below 1.1200 handle. Price managed to recover off the lows, but the overall bias remains to the downside. With the support level of 1.1217 being breached, further downside is expected. The next lower support at 1.1174 could stall the declines temporarily.
