EUR/USD erases most of its earlier decline from 1.1265 to 1.1315 now
The push back above 1.1300 is alleviating some of the pain on buyers but the downside pressure is still largely intact as we look towards European trading today.
The low hit 1.1265 but there seems to be a bit of a relief at the 61.8 retracement level of the swing higher from March last year to January this year @ 1.1290.
That will be a key level to watch for any further downside extension alongside the 1.1300 level in the sessions ahead. A break below that region will keep sellers well in control in searching for a push towards 1.1200 next.
As for any recovery on the side of buyers, the 100-hour moving average is seen @ 1.1410 currently so there is plenty of work to be done to even gather any semblance of control at this point in time.
