EUR/USD is moving back towards the 1.1250 level

EUR/USD H1 14-02

Price is tumbling back to the lows for the day at 1.1250 - light bids seen around the area - as the dollar continues to push forward on the day against the rest of the major bloc. The highs seen in EUR/USD was at 1.1295 earlier and failure to get back above 1.1300 continues to keep sellers in the driver's seat.

As we revisit the day's low, a fall back below the 1.1250 level as well as the broken downwards trendline will only help to reinvigorate further selling pressures in the pair. The key risk event in the day ahead will be US retail sales data but given the momentum seen in the dollar, pricing of optimism from positive developments in US-China trade talks is something hard to ignore.

Hence, even if retail sales data disappoints slightly, it could well be shrugged off thereafter.

Looking at the daily chart, price is already looking to break away from the late-November lows and there isn't much standing in the way of a move to test the 2018 low of 1.1216:

EUR/USD D1 14-02