Erases the early gains. Up and down action in EURGBP and EURJPY as well.
The EURUSD has fallen below the 1.11025 low for the day and extended toward the lower trend line target at the 1.1000 level. The low reached 1.1005. The action remains volatile but the highs were rejected quickly. The puts the burden on the buyers to step in and push the market price back higher.
Meanwhile the EURGBP is making new lows going back to 2007 after that pair too rallied on the initial comments, then dropped sharply too and through the prior days lows. The 0.7235 and 0.7238 old lows will be eyed as close resistance now.
The EURJPY was probably the most volatile, rising to the 100 hour MA and trend line resistance, only to stop against the levels and tumble lower. The pair is finding support at the prior lows for the day after the 150 pip lap up, then down.
Needless to say volatile conditions persist with a downward bias for the pairs.
