EURO TRADES BELOW KEY SUPPORT AFTER GERMAN ELECTIONS
The euro continues to slip lower against the U.S dollar, hitting 1.1832 in late Monday trading, with the pair now closing price-action under major weekly support and trading at its lowest level, since August 31st.
Technically, the EURUSD is set for a deeper correction lower, as the pair performed a higher time-frame and daily price-close below 1.1885, and also broke beneath important former weekly price lows.
The euro currency hates uncertainty, and the EURUSD may be further pressured lower as the German CDU party seeks a coalition, and tensions remain in Spain over Catalonia's bid for independence.
Key technical intraday support for the EURUSD is found at 1.1823 and 1.1773, with the pairs 200-week moving average critical monthly support, at 1.1716.
Key intraday resistance comes from the pairs 50-day moving average at 1.1870, and the key 1.1885 level. Should the euro trade above 1.1885, further resistance is found at the 50-hour moving average, at 1.1913 and the weekly pivot point, at 1.1948.