Markets
The Euro Slipped Below $1.12 Before Europe Woke Up
EUR/USD fell from 1.1233 to 1.1166 in under two hours of Asian trading on Monday, October 5, extending a slide that began in early September. The pair hasn't closed this low since May 2025.
The euro's slide against the dollar picked up again on Monday morning, before European markets had opened. On Binance's EUR/USDT market, which tracks the euro-dollar rate against a dollar stablecoin, the pair had spent the weekend flat near 1.1250. It started to drift lower after midnight UTC, and between 02:15 and 03:00 UTC it fell from 1.1227 to 1.1166, with the 02:45 candle alone covering a drop from 1.1209 to 1.1175.
The euro steadied after that and was trading around 1.1190 by 05:00 UTC. Even so, that's below every daily close since May 18, 2025, when the pair finished at 1.1186. The move is an extension of a trend that has been running for about a month: EUR/USD closed at 1.1634 on September 9, broke below 1.14 on September 23, and set a new low close at 1.1249 on October 2. From the September 9 close, the euro has now lost about 3.8%, and it is about 5% below its end-2025 level of 1.1787.
The early hour matters for how the move should be read. Asian trading on a Monday is typically thinner than the European and US sessions, so the first test of whether the break below 1.12 holds will come when London opens and volume returns. A rebound back above 1.1225 — the level the pair broke down from — would make Monday's dip look like a liquidity gap rather than a new leg lower. Failure to recover would make 1.11, the next round number, the obvious reference below.
A caveat on the source, as with all our currency coverage from Binance data: EUR/USDT trades a few million dollars a day, a tiny fraction of the interbank market, and it occasionally prints spikes that don't reflect the wider market, especially in quiet hours. Monday's decline was a steady series of lower candles rather than a single wick, which makes it more likely to reflect a genuine move — but the trend since early September is the sturdier signal.