Euro into negative territory on the day
The euro was steadily bid through the opening hours of the day but eventually ran into heavy resistance at 1.1400 today and was unable to break higher. Since then there has been a steady shift towards selling and it's now broken below 1.1350 and hits stops in a slide to 1.1335.
There's a minor head-and-shoulders top on the hourly chart. The measured target is a fall back to the late-November lows near 1.1270.
At the moment, better sentiment on US-China relations is sparking a risk-on trade that's giving the US dollar a bid.
