The ECB’s patience regarding its monetary policy continues to weigh on the single currency. The latest drop below the daily support (0.8300) is an invalidation of the recent rebound and could further depress the euro.
While trapped bulls seek to bail out, there could be stiff selling pressure near 0.8310, which has turned into resistance. An oversold RSI may cause a brief rally but the bears may see it as an opportunity to push lower.
March’s lows near 0.8200 would be the next target when momentum comes around.
