The Swiss National Bank's intervention and China's apparent tolerance of a softer currency are underpinning EUR/USD nL1N2D308L.
The Swiss central bank is probably the biggest EUR/USD player by a wide margin.
Until it rebalances its reserve, EUR/CHF support will underpin EUR/USD and in this respect Switzerland has an ally.
Trade threats undermined China's currency, lowering its value more tha 3% in the past 45 days, and leaving it on the cusp of major technical levels.
As one of the biggest components of China's currency basket, the euro should be supported if the more politically sensitive USD/yuan pairs are held steady.
USD/CNH and USD/CNY are little changed in two months.
EUR/USD support has proved surprisingly resilient in the past two months even with traders long.
EUR/USD has now risen to the peak of the current 1.07-10 range.
China and Switzerland have big roles to play in whether that range holds.