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    EUR/USD breaks below 1.13 in early TokyoIvan Delgado

    EUR/USD has come under pressure in early Tokyo, selling-off from 1.1320 down towards 1.1295, with sellers now re-claiming levels sub 1.13 for the first time since last Friday, when a massive miss in US Non-Farm Payrollls led to a run to the exits by an over-exposed USD long market.Fed fund futures see slight upickContributing to the recovery in EUR/USD has been an increase in the Fed fund futures. Based on CME Group 30-Day Fed Fund futures prices, which expresses the market’s views on the likelihood of changes in U.S. monetary policy, while chances for a rate hike by the Fed in June are almost non-existent at 4%, odds for July have seen a slight uptick to 27% from prior low 20% earlier on the week.View from Valeria Bednarik, Chief Analyst at FXStreet"USD benefited alongside with gold and the Japanese Yen in a risk-averse environment, leading to a decline in the EUR/USD pair to a fresh weekly low of 1.1305. Having bounced modestly from this last, the technical outlook for the pair is bearish, although a break below the 1.1280/90 region is still required to confirm further slides.""Technical readings in the 4 hours chart favor such decline, as the technical indicators have broken below their mid-lines, and stand at two-week lows, although with limited downward strength due to the reduced volumes seen during the last hours of US trading."

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