The euro currency has slumped sharply lower against the US dollar, hitting 1.1554, after the European Central Bank disappointed investors with its QE tapering plan. The EURUSD pair has remained under heavy technical selling pressure since ECB President Mario Draghi’s speech yesterday. Further losses are increasingly likely while price trades below the 1.1600 level, as traders become more bearish on the single currency.
The EURUSD pair is strongly bearish while trading below the 1.1600 level. Key support is now located at the 1.1508 and 1.1448 levels.
If the EURUSD pair holds above the 1.1554 level, buyers may test towards the 1.1600 and 1.1658 resistance levels.
