ECBs Villeroy says:

• Does not see inflation picking up in Europe

The EURUSD in the NA session has seen a move below the 200-hour MA at 1.13038 currently (green line on the chart above. The break comes after the pair ping-ponged between the 100-hour MA above (blue line) at 1.13436, and the 200-hour MA below (green line) currently at 1.13036.

Stay below the 200-hour moving average would have traders now looking toward the 38.2% retracement which stalled the fall today. Below that, and a swing area down to 1.12657 and then the 50% of the May trading range at 1.12414 would be targeted.

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