The EURUSD has broken key support at 1.1300.

The EURUSD has broken the key 1.1300 support and is at fresh yearly lows. We have a long term head and shoulder’s pattern, which if completed, could take the pair back towards parity. However, initially the pair should find support at the long term 61.8% Fibonacci support at 1.1191 level. Below that is the 127% extension of the August lows to September highs at 1.1150 level.

Blake Morrow