EUR/USD tests 1.1200 support as political instability in Spain triggers investor caution ahead of the November 29 early election.
The EUR/USD pair is facing downward pressure as political uncertainty intensifies in Spain following Prime Minister Pedro Sanchez's decision to call an early election for November 29. Market sentiment is further dampened by polling data suggesting a potential shift in power toward the People's Party and a possible coalition with VoX, which investors perceive as a source of instability for the Eurozone's fourth-largest economy.
The Euro is declining due to political uncertainty in Spain triggered by the announcement of early elections.
The pair is currently testing a support level at 1.1200.
The Euro faces renewed selling pressure as EUR/USD tests the 1.1200 support level following Spanish Prime Minister Pedro Sanchez's decision to call an early election for November 29. Market sentiment remains bearish as opinion polls suggest a potential shift toward a coalition government involving the People’s Party and VoX.
The Euro is facing selling pressure due to political uncertainty in Spain following the announcement of an early general election scheduled for November 29.