EUR/USD nears the Aug 30 low

EUR/USD down more than a full cent

EUR/USD is testing the September low and the Aug 30 low. The pair is down 111 pips to 1.1839 today and is now threatening a couple important support levels.

North Korean worries have put a bid into the US dollar, yen and Swiss franc on risk aversion. Generally, we get crazy pronouncements from North Korea on the weekend and that gives the market some time to settle but this time they did it right in the New York morning, so the jitters are lasting longer.

The German election is the main driver after a disappointing showing from Merkel.

Technically, this is looking very-much like a head-and-shoulders top that would target somewhere around 1.16 if it breaks.

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