EURO STILL BEARISH BELOW 1.1890 LEVEL

The euro continues to trade lower against the U.S dollar, with the pair currently trading back towards critical support. Overall U.S dollar demand has pushed the EURUSD lower since Tuesday, with the pair yesterday finding support at the 1.1826 level. Price action currently trades around the 1.1850 mark on the EURUSD pair, with EURGBP weakness also weighing on the euro currency. Later today traders will look to third quarter GDP figures, and Janet Yellen’s testimony on Capitol Hill.

• The EURUSD pair is likely to continue to correct lower while price-action holds below the 1.1890 level. Further downside towards the 1.1826 level remains possible.

• Should price action move above the 1.1876 level, buyers may look to test the 1.1890 level again. Extended intraday resistance is found at 1.1940 and 1.1980.