The euro can be to news related to economic data/growth outlook in the current market environment. The only good news I can think of in relation to this is that there are some green shoots in the Eurozone economy still and that’s providing some support for the euro until they also start to turn for the worse.

EUR/USD slipped from 1.1305 to a low of 1.1280 on the headlines earlier and is continuing to do battle around 1.1290, where the 100-hour MA (red line) lies.

Fall below that and the near-term bias will turn from being more bullish to more neutral. Over the past two weeks, there hasn’t been much to really shake things up in the euro (the ECB meeting was more or less a repeat of the March meeting) but this is certainly a new development to add to the picture.