• EURSUD broke support level 1.1050
• Further losses likely toward 1.1025 and 1.1000
EURSUD is today under bearish pressure– following the earlier breakout of the support level 1.1050 (which stopped the previous impulse wave 1 in the middle of August). The breakout of the support level 1.1050 is the result of the moderate bearish EUR sentiment seen across the markets – helped by the moderate USD bullishness. Given the strong overriding daily downtrend – EURSUD is expected to fall further and re-test the next strong support level 1.1025 (low of the previous impulse wave (1) from July) – the breakout of which can lead to further losses toward the next round support level 1.1000 (intersecting with the support trendline of the daily down channel from January) .
