EUR did trade lower in past few hours and we got flush down into the support at the price of 1.1200. Anyway, since the drop happened very fast, in my opinion there is potential for recover up. You should watch for buying opportunities since the EUR is trading near the support levels at the price of 1.1200 and 1.1193.

Industry news:

-European Central Bank staff have begun studying a potential revamp of their inflation goal, according to officials familiar with the matter, in a move that could embolden policy makers to pursue monetary stimulus for longer.

The staff is informally analyzing the institution's policy approach, including the question of whether the current target of consumer-price growth "below, but close to, 2%" is still appropriate for the post-crisis era.

Technical picture:

On the hourly time-frame I found that EUR found support at the lower Bollinger band (second standard deviation) and there is chance that EUR may start to rally going into the US session. Also, I found strong selling climax in the background and sideways movement immediately after that, which is key clue for me that downside, is very limited. Watch for potential buying opportunities with the targets at 1.1240 and 1.1254.