EUR/USD Breaks Key Support as Dollar Pressure Builds

The EUR/USD pair has broken below its key support level of 1.1470-1.1460, resulting in a weakening technical picture for the euro.

This comes after several failed attempts to recover above 1.1470, and the price remains below its short-term moving averages, which are pointing downward.

The break below this support level brings the pair back into its old range, with targets set at 1.1430-1.1420, followed by 1.1400-1.1390, if sellers continue to keep EUR/USD below the former support.

To neutralize the current pressure and reverse the trend, the euro would first need to recover above 1.1470-1.1480 and then reclaim 1.1500-1.1520.