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Finally EUR/USD has a look below 1.0800

A couple of times in updates here yesterday, the prospect of the EUR/USD falling back further was highlighted and since then the Euro has finally traded below support at 1.0800. The EUR/USD had closed in the US last night at 1.0801 and the low seen so far during the Asian session today has been set  at 1.0794. Now, there is another support level worth highlighting here this morning and that is the 200 day moving average. That is in place at 1.0786. So, it remains to be seen, if that will hold today and a modest Euro rebound might unfold ahead of the US PCE report tomorrow. Irrespective of that, the higher US yields and prospect of an ECB rate cut next week have forced some Euro longs to abandon ship, as we can see from the price action so far this week. The EUR/USD is currently trading at 1.0797
 

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