EUR/USD remains weak near 1.1790, session lows

Spot extends the bearish note today.
USD stays firm, advances above 93.60.
EMU GDP, Draghi in the limelight.

Pablo Piovano FXStreet

The selling bias remains unchanged around the single currency on Thursday, with EUR/USD navigating the area of daily lows in the 1.1790/85 band.

EUR/USD attention to GDP, Draghi

The pair stays on the defensive for the fifth consecutive session today, always on the back of the persistent demand for the greenback, which keeps pushing higher to multi-day peaks when tracked by the US Dollar Index (DXY).

Extra support for the buck emerged after the Senate passed the tax reform bill earlier in the week, while in line results from the ADP report on Wednesday has also collaborated with the upbeat mood around USD.

Further news around EUR comes from the latest Reuters poll, which now sees spot at 1.22 within a year’s view.

Ahead in the session, Q3 GDP figures in the euro bloc are due seconded by the participation by President M.Draghi in a press conference by the BIS at the ECB in Frankfurt.

Across the pond, November’s challenger job cuts is due seconded by the usual weekly report on the US labour market.

EUR/USD levels to watch

At the moment, the pair is losing 0.05% at 1.1789 facing the next support at 1.1781 (low Dec.6) followed by 1.1765 (55-day sma) and finally 1.1713 (low Nov.21). On the upside, a breakout of 1.1860 (10-day sma) would target 1.1942 (high Dec.1) en route to 1.1962 (high Nov.27).

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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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