The pair is looking to hold a firm drop below 1.0800 as sellers threaten to establish the next leg lower. So far today, the pair is little changed around 1.0780 with a rather narrow trading range of 25 pips in between 1.0762 and 1.0787.
The downside pressure remains as outlined last week here. And that will keep the euro in a rather iffy spot for the time being unless there is a change to the inflation or ECB outlook.Elsewhere, the dollar is keeping more mixed as it holds a material advance against the yen with USD/JPY up nearly 1% to 128.20 levels. Meanwhile, USD/CAD is down 0.3% to 1.2570 and AUD/USD up 0.4% to 0.7380 at the moment.