EUR/USD dips below 1.1000 psychological mark

Extending its downward trajectory for the fourth straight session, the EUR/USD pair has now dropped below 1.1000 psychological mark.

Currently trading at nearly three-month low level of 1.0990, the pair came under renewed selling pressure as the greenback, as measured by the overall US Dollar Index, continues to gain traction after Wednesday's release of FOMC minutes reaffirmed market expectations of an eventual Fed rate-hike move before the end of this year.

With a relatively lighter economic docket, Thursday's downslide could be attributed to the prevalent bullish sentiment surrounding the greenback. Later during NA session, US weekly jobless claims data will be looked upon for short-term trading opportunities ahead of Friday's key release of monthly retail sales from the US.

From technical perspective, weakness below 200-day SMA, and a subsequent break below 1.1125-20 horizontal support, had confirmed a break-down below a short-term descending triangular formation on daily chart and has eventually led to the pair's latest leg of downslide since the beginning of this week.

Technical levels to watch

From current levels, the downslide is likely to get extended towards 1.0970-60 horizontal support below which the pair might turn vulnerable to extend its depreciating move further towards Brexit swing lows support near 1.0910-1.0900 area. 

On the upside, recovery back above 1.1000 mark, leading a momentum above 1.1015 resistance, is likely to lift the pair beyond session high resistance near 1.1035 region towards its next resistance near 1.1050-55 region.