The chart is starting to reflect the land-locked fundamental dynamics for the pair. Following the brief peak above 1.10, EURUSD is back in some short-term fair value range between 1.0550 and 1.07. 

However, the most important development is bearish for the pair. Namely, a head and shoulders pattern is forming. We will release a trade idea based on this pattern later this week, so stay tuned for this.

Support near the previous lows around 1.0530. The zone is 1.05 – 1.0530. A bearish break here should open the road for a faster decline toward 1.03.

To the upside, resistance is at 1.07.