The pair fell to a low of 0.9915 earlier before hugging 0.9950 levels on the day, being little changed. As much as the dollar is firmer today, there is still some stubbornness to EUR/USD breaking lower for the time being.

The chart doesn’t lie though. So long as price action keeps below parity, the bias is still for another leg lower in the pair. Perhaps a large set of option expiries at 0.9900 for tomorrow is keeping things in check. But if we do get a firm break and daily close below that, I would argue it will trigger the next leg lower in the pair.