Fundamental:

The prospect of budget conflict with EU is causing the currency slide as Italy's leaders attacked new deficit forecasts by the European Union, setting up prospect of a renewed budget conflict with the bloc. That has lifted premium over German bunds to the highest since February and is keeping the euro near its lowest in 2 years. Meanwhile, the decline is also fueled by the dimming global outlook as trade tensions escalated between US and China and the flare-up of political risk ahead of European Parliamentary elections this month. Elsewhere, new US sanctions imposed on Iran's industrial metals sector is also adding bearish pressure to the currency as Trump warns Europe to stop doing business with Iran and vowed to squeeze Tehran further until it fundamentally alters its conduct. On the other hand, Iran threatened to enrich their uranium again beyond agreed limits unless Europe throws them a lifeline, adding on to the negative risk sentiment. While some investors seek solace in the delay of the auto tariffs decisions while EU and Japan continues talks with US, it is likely to be short lived.

Technical analysis:

Sell entry: 1.1227

Why it's good: Price is seeing strong descending resistance pushing it down and that level has nice retracement, extension and overlap resistance.

Take profit : 1.1144

Why it's good: That's a nice swing low level and a 61.8% profit taking extension level.

Stop loss: 1.1277

Why it's good: Gives us enough breathing space and is also a nice pullback resistance + 76.4% Fibonacci retracement. Price would need to break the descending resistance line to even come close to this.