EUR/USD still under pressure around 1.1340

  • The pair remains on the defensive around 1.1340.
  • The greenback keeps the bid tone unchanged near 96.80.
  • US Producer Prices rose 0.6% MoM in October.

The selling sentiment keeps dominating the European currency at the end of the week, keeping EUR/USD under pressure in the 1.1340 region.

EUR/USD vulnerable on Italy, Brexit

Once again, the pair is suffering the absence of serious progress in the UK-EU negotiations on Brexit, while jitters on the Italian political scenario and their impact on yields have been also adding to the bearish stance on spot in the last couple of sessions.

The pair has been also under pressure following yesterday’s FOMC meeting. Despite the Fed left its monetary policy unchanged, the Committee is expected to raise rates at the December meeting.

On the docket, US Producer Prices surprised to the upside in October, rising at a monthly 0.6% and 2.9% in their headline version, while Core prices followed suit, up 0.5% MoM and 2.6% over the last twelve months.

EUR/USD levels to watch

At the moment, the pair is down 0.10% at 1.1353 and a break below 1.1328 (low Nov.9) would target 1.1313 (200-week SMA) en route to 1.1299 (YTD low Aug.15). On the upside, the next hurdle is located at 1.1500 (high Nov.7) seconded by 1.1508 (low May 29) and finally 1.1550 (high Oct.22).

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