EUR-USD made a lower low on the daily chart during the Asia session, extending the decline seen yesterday in the wake of firm U.S. data. This brings the 20-day moving average back into scope, at 1.0833. Key resistance is now marked at 1.1050-52, which encompasses the daily highs of yesterday and Mar-17. The decline in the euro over the last day has been concomitant with a rebound in the dollar’s yield advantage over the euro, which has risen over 10 bp to 175 bp at the 10-day T-bond over Bund yield comparison. This backdrop should maintain a downward bias in EUR-USD for now.