EUR/USD: Break below 1.10 to clear the way towards key long-term support at 1.0884 – MUFG

Pressure has continued to build around a break below 1.1000 in EUR/USD. Below here, the key long-term support at 1.0884 will be in focus, economists at MUFG Bank.

A break of 1.1000 is certainly feasible now 

“EUR/USD long-term support comes in on the trendline support from the record low in October 2000 of 0.8230 and the pandemic-related low in March 2020 of 1.0636. That support is at 1.0884 on the monthly chart in March.”

“A break of 1.1000 is certainly feasible now in the very short-term which will see the markets immediately focus on the key long-term support level.”