The euro has tumbled to its weakest trading level against the US dollar since June 2017 during the European trading session, after breaking below the bullish double-bottom pattern, at 1.1300. Heavy downside pressure is expected to stay on the EURUSD pair while price trades below the 1.1300 level, as medium-term traders continue to exit long positions. EURUSD sellers will likely target the 1.1178 support level, while buyers need to close the daily candle above the former yearly trading low.
The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is now found at the 1.1225 and 1.1178 levels.
If the EURUSD pair moves above the 1.1280 level, key resistance is found at the 1.1300 and 1.1330 levels.
