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EUR/USD sets daily close below 1.0600

There was no recovery for the EUR/USD yesterday evening. The fall below 1.06 had earlier extended to as low as 1.0576 right into the 4pm London fix. It then spent the rest of the European session and US afternoon languishing under the 1.06 handle, unable to launch any kind of dynamic rebound. The Euro later closed in the US at 1.0593. So far today that 1.06 handle has remained elusive again and the high so far has been set at 1.0597. The low has been set at 1.0578 and the risks of further downside look elevated. As noted here yesterday, the first support of any significance is the March 15 low, at 1.0516. Meantime, both the 50 and 100 day moving averages are turning lower and approaching the 200 day to the downside. There will be more to add on that bearish set in due course. The EUR/USD is just now trading at 1.0585
 

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