The EUR/USD under heavy downside pressure anew, trading currently at 1.3305, the selloff was triggered yesterday after the head of ECB Mario Draghi hinted that any bond purchase program is not considered at the time being. The pair fell more than 65 pips to close the session at 1.3345 after opening at 1.3413.

The decline extended this morning after the European leaders meeting offer to contain the debt crisis failed to convince investors and came way lower than expected, in addition to news from the U.S where Moody's rating agency downgraded three French banks which comes after the EBA raised the amounted needed by banks to meet capital requirements in Europe to 114.7 billion.

Following the main headlines the pair printed a low this morning at 1.3281 after breaching the short term ascending support yesterday, testing the latest low at 1.3210 is on the horizon and may be the next near term target for the pair, while upside attempts should be limited below 1.3350-1.3375 where the 100-hours SMA is located.