EURUS$ – Impact of on going political turmoil in Germany

The euro is under pressure because of not only the strong dollar but on going political dive in the current Merkel coalition government and the immigration legislation that the eurozone are trying to pass.

The levels to watch in the euro are the following 1.1680/1.1720 should contain any rallies at this stage, with another test of the very strong 1.1500 support area.

Below 1.1550 will increase pressure on that 1.1500 area and a break will see deep move lower.

We need to clear 1.1720 and that will open up a deeper correction higher into  1.1850/1.1900 area, before final test of the lower levels.