The EUR/USD pair fell to a daily low of 1.1079 right after the release of the Fed’s Minutes but quickly recovered back to the 1.1100 level. Now trading in the 1.1080 price zone, the upside is still being contained by 1.1110, the 61.8% retracement of its latest daily decline. The short-term picture is neutral-to-positive, while technical indicators have turned south, piercing their midlines. A downward move seems more likely at this point, although the pair would need to break below 1.1065 to turn negative and be able to extend its slide.
