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EUR/USD closing in on next support level

The dollar mad made further progress now this afternoon, as I am sure you are all well aware of. Earlier today I highlighted the next potential target for the EUR/USD on the downside. That was and still is at 1.0712. This is a Fibonacci support level and represents a 61.8% correction of the 1.0448-1.1129 move that played out in Q4, 2023. The low seen so far after the ISM data has been set at 1.0725. So, as you can see, the EUR/USD is not far off putting that 1.0712 level to the test now. It is currently trading at 1.0730 

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