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EUR/USD creeping closer to support at 1.0802

The earlier attempt to rebound in the EUR/USD was totally dependent upon the USD/JPY dropping below 151.00. Well, as you know that did not happen and the rebound off the 151.03 low was covered here in an earlier update. The USD/JPY is now pressing a little higher above 151.30 and that has done the EUR/USD no favours whatsoever. The EUR/USD has just now hit a fresh session low at 1.0811 after it failed earlier to reclaim levels above its 200 day moving average (1.0837). The noted double bottom at 1.0802 is still guarding the downside though, but it does rather depend on whether, or not there are stops in place below that level now. That is an open question of course, but the risk seems live. The EUR/USD is currently trading at 1.0812 
 

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