After moving sideways for many hours, the EUR/USD broke to the downside and tumbled below 1.4400, as market sentiment deteriorates in Europe and in Wall Street. The pair reached a fresh weekly low at 1.4340 after falling more than a hundred pips in an hour.“Triangle support currently lies at 1.4400, while the upper boundary is at 1.4466, with break of either side to signal near-term direction,” wrote earlier Slobodan Drvenica, analyst at Windsor Brokers Ltd. According to him, if the pair breaks below 1.4250/60, the short-term structure would weaken.
The Euro is weakening across the board, extending losses versus commodity currencies and trimming gains versus its European rivals.
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