EUR/USD falls to a low of 1.1368 on the day
Price now closes in on a test of the 200-hour MA (blue line) @ 1.1367 after failing to breach the resistance region around 1.1410-20 again. Before the data was released, the pair traded around 1.1410 and has now fallen back below the 100-hour MA (red line). If sellers manage to find a break below the 200-hour MA, the near-term bias in the pair will turn more bearish.
The downside move has also helped to drag the pound a little lower on the day, and has helped the dollar catch a bid against the rest of the major bloc. The headline risks for the euro aren’t exactly over yet, with the Eurozone prints set to be released at the top of the hour.
If the figures there disappoint, sellers will be looking to pounce and a break of the 200-hour MA will be a good start for a further move to the downside towards 1.1350 first before the 61.8 retracement level @ 1.1314 and the 1.1300 will be tested.