ECB President Lagarde reiterated that policymakers need more evidence that inflation is receding but, if data outcomes are in line with current expectations, the central bank can start dialing back rate hikes in June. The ECB would remain data-dependent thereafter and will not pre-commit to policy moves.

The short-term downtrend is gathering momentum but the daily DMI study remains neutral for now. 

A break under 1.0840 puts a test of 1.0775/1.0800 (easily) on the radar. 

Resistance is 1.0875.