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The negative sentiment strengthened after a report from the Financial Times revealed that the European Central Bank was concerned about some of its banks being exposed to Turkey’s debt.

The Turkish lira has been in a free fall against the U.S. dollar ever since the nation was hit by economic sanctions by the U.S. administration.

Economic data was sparse which kept the euro trading to the broader themes.

After trading in a tight range for nearly a few months, the break of the support at 1.1500 saw sell orders being triggered.

It is still too early to say whether the euro currency will extend the declines further and resume the bearish trend.

EURUSD (1.13969) – Daily Chart

From a technical perspective, the next main support is seen at 1.1400. Price action could rebound in the near term but any gains are likely to be limited.

Investors are likely to look at any opportunity for a rebound to resume further selling in the common currency.

A break down below 1.1400 could however keep the pressure on the euro with the final target seen within sight at 1.1250.

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