The euro continues to soften against the U.S dollar, hitting 1.1750 during the Asian trading session, as political in-fighting escalates between Catalonia and Madrid. The EURUSD currently trades on the back-foot, around the 1.1768 level, as Catalonian’s President PuigDemont refuses to accept direct rule from Madrid after Spain’s Prime Minister Mariano Rajoy declared the referendum vote illegal.
The EURUSD pair is increasingly bearish while trading below the key 1.1770 level. Further intraday declines remain likely towards the 1.1750 and 1.1729 technical support levels.
Should the EURUSD pair regain price-action above the 1.1770 level, a recovery towards the 1.1800, 1.1815 and 1.1833 levels should be expected.
