It’s not easy to find anything bullish to say about the EUR, with only SNB-backed EUR/CHF support managing to hold. EUR/USD, EUR/JPY and EUR/GBP all look very soft indeed and I see no point in fighting these trends.
EUR/JPY will be the dominant pair during Asian trend and the close below 102.50, where all the stops were gathered yesterday, should ensure continued bearish sentiment. Next support band is looming in the form of a previous pivot area between 101.80/102.20.
All of this cross pressure will keep EUR/USD heavy, and with little sign of any technical support, bulls might be in for some more pain.
