The low in May was 1.0350 and the low in January 2017 was 1.0340.

Both of those critical levels are under heavy pressure at the moment as a broad US dollar bid emerges. A breakdown would be the lowest in the euro since 2003.

Today’s PMIs emphasize the growing risk of a recession in the eurozone. The dollar is broadly bid today but the euro is particularly soft as German 10-year yields fall 7 bps.

In terms of technical levels, it doesn’t get any bigger than this.

The low so far is 1.0352 in a quick fall from 1.0432 just over an hour ago.

This article was written by Adam Button at www.forexlive.com.