EUR/USD touches a low of 1.1576 on the day
And price has fallen back below the two key hourly moving averages, which means that the near-term bias now favours sellers once again. The highs today reached 1.1644, just shy of the swing region around 1.1650 as price reacted to a trade-related headline earlier regarding China seeking permission from the WTO to impose trade sanctions on the US.
That has unsettled risk sentiment in the currencies and equities space, though Treasuries are still relatively unphased.
Support for the pair is seen around 1.1568 from the 38.2 retracement level but further support will be seen at 1.1530, which has been a key level for buyers to lean on to stall declines since last week.
The move lower here continues to keep the pair in-check as the trading range since last week remains between 1.1530 and 1.1650 as markets continue to be on edge awaiting a meaningful escalation in the trade rhetoric between US and China.