From there, EUR/USD began to retreat, sliding to a session low of 1.3145 in recent dealings. At time of writing, the cross is at the 1.3155/60 region, still up 0.5% on the day.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com, notes that EUR/USD needs to clear the 1.3233/40 area (Friday's high/38.2% Fib of 1.4246/1.2625 drop) in order to extend gains toward 1.3280 and then 1.3310. "A daily close above 1.3240 may open doors for a continuation towards next Fibonacci level, the 50% one at 1.3450".

On the contrary, immediate support at 1.3145 should hold on pullbacks, says Bednarik. "Below it, the pair may attempt to retest the 1.3100/10 area, yet seems quite unlikely at this point".