The drop comes as sellers defend the 100-hour moving average (red line) over the past few sessions, with the latest shove lower taking out both the 200-hour moving average (blue line) and the 1.1000 level.
That puts the near-term control more in favour of sellers, though there is some near-term support around 1.0960-67.
There's not much to read into the move above as we are still seeing some pushing and pulling taking place. The dollar is a touch firmer with GBP/USD also dropping to 1.3200 after having earlier come close to testing 1.3300.
The mood in equities is a bit more negative, with S&P 500 futures down 0.5% and European indices also down around 0.5% to 0.7% on the day. But that pretty much just chips away at some of the optimism earlier in the week.
If anything else, continue to keep an eye on the bond market and yen pairs. Those are still the key areas in the market that are worth watching at this point in time for any trendy moves.
