The pair is lower on the day, set for a tenth straight day of losses
After failing to break above the 100-day MA (red line), it's been one-way traffic as the pair continues to inch lower and lower.
The euro hasn't been able to get off the floor lately as recent economic data woes and a technical breach below 1.2000 against the dollar has weighed on the single currency.
The yen meanwhile has been holding steady as US yields fail to hold above 3% and USD/JPY failing to breach the 110.00 figure level.
It's been a case of opposites for the two currencies over the past two weeks. But the real test could just be beginning ahead of Trump's decision on Iran later. If his decision ignites a risk-off move in the market, the pair looks set to test the year's low at 128.95 and also the 38.2 retracement level @ 128.85.
Breaking below both levels mentioned opens up a move towards the August low of 127.56 and possibly towards the 50.0 retracement level @ 126.18.
It's been quite a turnaround for the pair considering that in January, the momentum seems to be siding with a move towards 140 levels.
With Eurozone data constantly disappointing over the last few months, keep an eye out on the pair as geopolitical tensions come back into the picture once again.
