EUR/USD Slides to Late July Low Amid USD Strength

The EUR/USD pair continues to slide downward, reaching its lowest point since July 29th at around 1.1425 during the Asian session on Wednesday.

This decline is largely due to the US Dollar's bullish undertone, fueled by the Federal Reserve's hawkish outlook and geopolitical risks.

The shared currency, EUR, is under pressure from rising political risks in Germany, which could overshadow the European Central Bank's potential for further rate hikes.

From a technical perspective, last week's breakdown below the 100-day Simple Moving Average (SMA) support was seen as a key trigger for bearish traders.