The euro has further weakened against the U.S dollar during Tuesday’s European trading session, hitting a new four-month price-low against the greenback, at 1.1558. The EURUSD pair broke below the key 1.1572 support level earlier, as Mario Draghi choose to focus on the European banking sector rather than monetary policy in his opening remarks in Frankfurt, Germany. Traders will now look to a key-note speech from FED Chair Janet Yellen, during the U.S trading session later today.
The EURUSD pair remains strongly bearish while trading below the 1.1572 technical level. Further losses are expected towards the 1.1533 and 1.1509 levels.
Should price-action break back above the 1.1572 technical level, further upside towards 1.1598 and 1.1640 seems most likely.
