The euro has tumbled to a fresh monthly low against the US dollar on Monday, as fears over emerging market contagion cause traders to sell the single currency. The EURUSD pair is likely to remain under heavy intraday selling pressure while trading below the 1.1420 level. Sellers will now look to break below the 1.1310 support level, while buyers need to stabilize the EURUSD above the 1.1420 level.
The EURUSD pair is strongly bearish while trading below the 1.1420 level, key support is found at the 1.1350 and 1.1310 levels.
If the EURUSD pair trades above the 1.1420 level, buyers may target the 1.1450 and 1.1489 resistance levels.
