Rapid reversal of the euro
The euro is at the lowest of the day and is sinking into the London fix. Part of the decline is the weak risk appetite for US-Chinese concerns, but this is largely a technical decision.
For the second day, EUR / USD failed to keep gains above the difficult resistance range of 1.1000 / 20 and now sellers have taken over.
It is far too early to say that the battle is over because we remain well above yesterday’s lows. It’s one of the many really compelling charts to watch out for as the markets try to break into a new, more upbeat range.