The low for the day is at 1.1629
The pair is now testing the 200-hour MA (blue line) @ 1.1630 in the past hour or so, and buyers so far are holding up despite the dollar gaining across the board. A break back below the 200-hour MA will break the near-term bullish sentiment and throws the pair back into contention to test the 1.1600 handle once again.
There isn't much for the pair to go on today with not much risk events either. Italian bonds are a little jittery following mayoral elections over the weekend - which saw Lega and its right wing coalition win big while the Democratic party lost majority of its strongholds. That's not too surprising and so far the reaction appears more isolated to local bonds more than anything else.
Germany's Ifo survey will be due at the top of the hour but that shouldn't offer too much, although another beat would give some momentum to Eurozone data following last Friday's positive composite PMI readings.
For now, buyers will be keen to defend any sort of move towards the region between 1.1600 to 1.1630. Stay above there, and a further bounce in the week is very much on the cards. Otherwise, we're looking at a re-test of the year's lows at 1.1510 again should sellers overwhelm and the pair falls below the 100-hour MA (red line) @ 1.1599.
