Euro hits the lowest since 2017, pressured by fresh wave of risk aversion
The Euro fell to new five-year low in European trading on Thursday, following eventual break of previous low at 1.0471, above which the pair was consolidating in past two weeks.
Persisting risk aversion on growing economic and political uncertainty, sent global stocks sharply lower and further lifted the dollar, added to strong pressure on Euro.
Fresh weakness signals continuation of larger downtrend after a brief pause and bring 2017 low at 1.0340 in focus, with extension towards 1.0069 (Fibo 76.4% of 0.8225/1.6039) and a parity level, not ruled out on stronger bearish acceleration.
Close below 1.0471 would confirm fresh negative signal, with former support to revert to solid resistance.
Res: 1.0471; 1.0500; 1.0531; 1.0577
Sup: 1.0405; 1.0365; 1.0340; 1.0300