The European currency is now accelerating the decline vs. the dollar, relegating EUR/USD to test fresh lows in sub-1.1100 levels. EUR/USD weaker ahead of EU Summit, ECB Increasing bearish momentum is now sending the pair to trade below the 1.1100 handle, printing fresh multi-day troughs at the same time ahead of the EU Summit and the ECB Accounts. Spot is deriving extra selling pressure following the sharp sell off in EUR/GBP, with the British pound picking up pace on hopes of a deal at today’s summit. EUR/USD levels to watch The pair is now retreating 0.31% at 1.1096 with the immediate support at 1.1070 (20-day sma) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a breakout of 1.1220 (23.6% Fibo of December up-move) would target 1.1378 (high Feb.11) en route to 1.1460. For more information, read our latest forex news.