Market positioning and uncertainty over the ECB policy outlook suggest the EUR may retain a soft undertone in the short run but bargain hunters may start to show renewed interest in the EUR on dips to the low/mid 1.09 area from here.

Spot trends are soft but EUR losses have slowed as the market nears support defined by the 100-DMA and trend line support off the late 2022 lows at 1.0925. EUR losses through here will point to a more sustained drop in all likelihood. 

Resistance is 1.1025 while a rebound through 1.1045/50 is required to give the EUR a more sustainable technical bid.