It was a very positive night for the US dollar as the greenback was trading sharply higher against all the major currencies, with the dollar index rising 0.60% to trade at fresh 17-mth highs near 97.50. This has pushed the EURUSD pair down by 0.8% and the pair was also seen at 17-mth lows, hovering around 1.1250.
More importantly, the EURUSD pair has finally broken down from the long-term consolidation phase and this has confirmed the downward bias. Thus, as long as the euro remains below 1.13, the immediate trend seems bearish.
The next target for bears may be considered near 1.1120 and afterward at the psychological level of 1.10. The RSI indicator seems to confirm the downward momentum for now.
If the euro jumps back above 1.13, the latest bearish breakdown would be flagged as false and the single currency could rise back toward 1.14 in the initial reaction.
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