EUR/USD could target 1.0260 next but technical picture points to oversold conditions

EUR/USD has pierced through key supports and touched its weakest level since December 2002 near 1.0300. The pair eyes 1.0260 as next target, FXStreet’s Eren Sengezer reports.

Negative shift witnessed in risk sentiment to hurt the euro

“The next bearish target for the pair aligns at 1.0260 but the oversold conditions suggest that there could be a technical correction before the next leg lower.”

“In case safe-haven flows continue to dominate the financial markets following Wall Street's opening bell, the pair is likely to stay under bearish pressure.”