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EUR/USD held flat at 1.1631 as a firmer dollar from the crypto-driven risk-off capped the euro near the middle of its recent range.

DXY at 99.2 is still historically soft, so the ECB-Fed rate gap keeps EUR bid on dips, but upside momentum has stalled around 1.1600.

1.1600 is the line in the sand; a break opens 1.1530. Reclaiming 1.1700 is needed to revive the bull case.

Microsoft fell 4.2% to $441, the day's mega-cap laggard, sliding well below its 52-week high.

Rotation into pure-play chip names like Nvidia and Marvell is pulling capital out of software megacaps.

$435 is support; a break opens $420. The stock needs fresh AI-monetization proof to re-rate.