EUR/USD gives away gains and returns below 1.1300

The pair remains under pressure below the 1.1300 handle.
The greenback trades close to session tops near 97.50.
US preliminary Q3 GDP figures next of relevance later today.

Pablo Piovano FXStreet

The single currency remains under pressure so far this week, prompting EUR/USD to navigate in the lower bound of the recent range in the 1.1290/85 band.

EUR/USD looks to data, Brexit

The pair is struggling for direction today and at the same time is looking to revert three consecutive daily pullbacks, always against the backdrop of a solid sentiment surrounding the buck.

Persistent uncertainty and lack of serious progress around the Brexit negotiations continue to weigh on global sentiment as well as Italian politics, where the 2019 budget still remains in the centre of the debate.

Moving forward, the ECB will publish its Private Sector Loans and M3 Money Supply later in the morning. Across the pond, all eyes will be on another revision of the Q3 GDP, New Home Sales and the weekly report from the EIA.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.1286 and a break below 1.1278 (low Nov.27) would target 1.1214 (2018 low Nov.12) en route to 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, the next barrier is located at 1.1357 (21-day SMA) seconded by 1.1434 (high Nov.22) and finally 1.1473 (high Nov.20).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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