EUR/USD Selloff Nears Critical Yearly Support Zone

The EUR/USD pair has fallen over 2.9% from its August high after breaking through the September opening range, with the euro declining in seven of the past nine sessions.

This selloff is approaching a major support zone near the yearly low-day close, where the risk of near-term exhaustion begins to rise.

A sustained break below this support would strengthen the case for another leg lower, while a recovery through near-term resistance would suggest a more meaningful low may be forming.