EUR/USD falls to a low of 1.1387 on the day
The drop is also exacerbated by the decline in sterling following the release of the UK jobs report earlier. For all the shine that the lowest unemployment rate since 1975 may provide, it is not enough to lift wages still and that has seen cable fall to 1.2774 at the moment.
As for EUR/USD, the pair is treading at the lows following buyers' inability to break firmly above the 23.6 retracement level @ 1.1427 and yesterday's high @ 1.1433.
Minor support is seen around 1.1380 followed by the year's low @ 1.1365. Momentum remains very much with sellers as long as price remains below the two key hourly moving averages and the fact that buyers are struggling to even break the "first line of defense" isn't a good sign of confidence.
