EUR/USD now down to 1.1711 after touching a high of 1.1727
The highs today were at levels last seen on 14 June when the ECB dropped a bombshell on the market with its language of rate hike "through the summer of 2019". Since then, the 61.8 retracement level @ 1.1720 has been a key level that buyers have yet to found a breakthrough.
But they did make an attempt to move above it earlier, although it is looking like sellers are winning out in the near-term battle for now. Price is back down under the key level currently, with further offers seen around 1.1750 and resistance at 1.1771 and 1.1800 next in line.
As for downside levels, support is seen at 1.1680 with the 100 and 200-hour moving averages sitting between 1.1640 to 1.1660 as well to add an additional line of defense for buyers.
The dollar is relatively weak on the day as equities and risk are playing a part in driving the greenback lower. We're yet to hear of any detailed plans from China with regards to retaliatory measures in the trade rhetoric and that also adds some elements of uncertainty for the greenback.
Another factor to consider in EUR/USD is also large expiries rolling off later today at the 1.1700 handle. That is yet another anchor for the pair to stay close to the figure level, but the main risk ahead (provided that China remains quiet) will be the US jobs report. And that will come at 1230 GMT, so stay alert on headline risks today.