EURUSD has reached a critical support level. It is being priced at 1.17250 currently. EURUSD made a recovery attempt. However; I am not sure how long the pair can sustain the recovery attempts, as political risks surrounding Germany continue to undermine the Euro, especially after the weekend’s failed coalition talks, with CDU’s Merkel now expected to form a minority government or go for re-elections.
Technical indicators started to send Bearish signals on H4 chart timeframe. Even MACD turned to Bearish. If the pair makes an H4 closing below 1.17200, it may test 1.16900 and 1.16500.