EUR/USD: Euro tumbles and erased last weeks gain

The Euro started its decline in yesterday's session after sliding below the price channel at 1.11340 marked in my previous post and accelerated to the downside following the announcement of robust U.S. ISM Non- Manufacturing PMI data which drove the U.S. dollar upwards and pushed the Euro down to 1.0640.

The Euro now consolidates at the time of writing at 1.10790 and 1.10640. A break above 1.10790 could see the Euro take on its first challenge to the upside at around 1.10955. Support awaits at 1.10480 if it fails at 1.10640.