The euro has tested the zone around 1.0400 in each of the past three days. It's back there again as the ECB's statement only delivered the weak PEPP reinvestment (that was already expected) and a plan to deliver a plan on fragmentation.
There's a natural inclination to close some dollar longs ahead of the Fed and that's given a lift to cable and AUD/USD today but the euro is no longer seeing any benefit.
Technically, if this level breaks there's nothing left to protect a retest of the lows of the year.
