EUR/USD trying to bottom at 1.1530 after plunging from 1.1690 area

October 29, 2021

The euro is attempting to hit a bottom at 1.1530 after plummeting more than 1% on the day. The pair has dropped like a stone on Friday, crushed by a combination of factors and a stronger US dollar.

The euro is ticking up from session lows only a few pips above year-to-date lows at 1.1525. With technical indicators approaching oversold levels, the pair could attempt a correction, aiming to previous lows at 1.1585 before testing October 26 and 27 highs at 1.1625 and, if that level gives way, prepare another attack to 1.1690 area.