EUR/USD falls below the 1.13 handle for the first time in just over two weeks

As mentioned earlier, the downside momentum remains intact and price did not break the trendline resistance despite some consolidation around 1.1320-30 earlier. Right now, a downside break is looming with bids around 1.1300-10 being slowly eroded as the 24 January support @ 1.1290 being the next line of defense for buyers.

Despite the dollar's own worries, I still find it hard to argue a case for being bullish on the euro given recent developments.

There's still some decent support for the pair around 1.1270-80 from late-November and December lows last year but it's tough to pick a bottom once the 1.1300 handle gives way. More so when the fundamental backdrop is working against the euro rather significantly over the past two weeks.