The currency pair broke the 1.24 level before dropping below 1.237.
An eventful 24 hour period for the major Forex pair has seen the EUR/USD break the 1.24 level for the first time since last week, before adopting a strong downtrend during the earlier stages of the day.
We also had discovered that the US Retail Sales had unexpectedly reported at 0.1%, whilst many predictions hovered around 0.4%. With these values all below estimates, it is possible that the sudden downtrend may continue on a short-term basis, before continuing its strengthening on a more long-term scale.
With Benoît Cœuré due to give a speech on behalf of the European Monetary Union, signs of significant news may also change the general shape of the pair.
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Disclaimer: The forecast above is of my opinion and should not be used as a firm indicator to act on the market, but as an insight and thorough analysis of the general movement and trend of the currency pair discussed above.