EUR/USD steady below 1.1800 on US data

EUR offered below 1.1800.
DXY keeps the upbeat tone near 93.70.
US 10-y note off highs, around 2.33%.

Pablo Piovano FXStreet

EUR/USD remains entrenched into the negative territory so far this week although it seems to have found decent contention in the 1.1775/70 band for the time being.

EUR/USD tumbles to 2-week lows

The pair’s bearish note remains intact so far this week, prolonging the rejection from recent tops above 1.1900 the figure seen in late November/early December and navigating the area of fresh 2-week lows.

On the USD-side, the continuation of the buying interest motivated the US Dollar Index to climb to multi-day tops in the 93.70/80 band, always amidst firm optimism regarding the us tax reform bill.

In the data space today, EMU’s GDP figures showed the bloc’s economy expanded 0.6% in Q3 and 2.6% on a yearly basis. Across the pond, initial claims rose to 236K WoW, taking the 4-week average to 241.50K from 242.25K. Previously in the US docket, Challenger job cuts increased to 35.0K in November, or 30.1%.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.1797 facing the next support at 1.1776 (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).

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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