FXStreet reports that according to Benjamin Wong, Strategist at DBS Bank, technically, there is momentum loss providing the basis for a roll lower for EUR.

“There is momentum loss with EUR unable to progress beyond late-May’s 1.2266 highs, and a near-term 1.2125 support pivot has given way. A EUR rollback would keenly eye the focal point of the trend support that had connected 1.1603 through 1.1704. However, downside momentum can only rise proportionally stronger if EUR can bypass the moving average support at 1.2000 and the daily chart’s 200-day moving average at 1.1994.”