EUR/USD tumbles further below 1.1800

Heavy selling pressure is now hitting EUR.
DXY testing fresh tops above 93.50.
US 10-year yields still in session lows.

Pablo Piovano FXStreet

The selling pressure around the shared currency is picking up extra pace on Wednesday and is now forcing EUR/USD to break below the critical support at 1.1800 the figure.

EUR/USD in 2-week lows

Spot has intensified the weekly downside following a persistent buying pressure around the greenback, which pushed the US Dollar Index above the 93.50 region, charting fresh tops at the same time.

USD keeps pushing higher after US ADP report came in at 190K for the moth of November, matching previous estimates.

In addition, P.Ryan showed himself confident that President Trump could sign the tax reform bill around December 25, also lending extra legs to the buck’s rally.

EUR/USD levels to watch

At the moment, the pair is losing 0.28% at 1.1792 facing the next support at 1.1787 (low Dec.6) followed by 1.1768 (55-day sma) and finally 1.1713 (low Nov.21). On the upside, a breakout of 1.1869 (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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