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EUR/USD broke below $1.3000

EUR/USD is consolidating in the $1.2985/60 range on Wednesday. Yesterday the pair broke below the key $1.3000 support and closed the day at $1.2977, forming a “bearish engulfing” candle.  We remain bearish with an initial target of $1.2850. Sellers are clustered in the $1.3070/80 area, while buyers – around $1.2960/50 and $1.2910/00.

TD Securities: We ultimately expect lower levels in the coming months as policy divergence becomes more apparent. Yesterday's rally was halted by the key resistance zone marked by the confluence of key moving averages (50-, 100-, and 200-DMAs) in the 1.0370/80 area. In the short term that should hold the upper end of the range.

Chart. Daily EUR/USD

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