The sharp EUR/USD sell-off after the rally on Monday suggests FX positioning is skewed toward a dovish tilt today and/or possibly some ECB-induced BTP selling. 

After the EUR/USD bounce on Monday, the move now looks more like a false breakout with the technical picture increasingly looking bearish for EUR/USD over the short term. 

The window for USD strength that looked to be closing at the start of the week remains open for now.