EUR/USD has retraced nearly 2/3rds of the bounce from 1.3026 to 1.3385. The 61.8% retracement of that move comes in at the 1.3163 level. Should that level give way, 1.3111 is the 76.4% retracement of that same rebound.
Lowered EU growth forecasts along with a cut in Spain’s credit rating are helping weigh on EUR/USD.
