EURO SELLING INCREASES BELOW 1.1808
The euro has moved to a new weekly price-low against the U.S dollar, hitting 1.1775, as technical selling in the pair gathers pace. Broad-based U.S dollar strength is also weighing on the EURUSD on Thursday, with the dollar index breaking above strong resistance. Investors earlier looked past better than expected annual third quarter GDP growth from the eurozone, during a quiet European trading session. Euro traders now look to a market-moving speech from European Central President Mario Draghi later today, held in Frankfurt, Germany.
The EURUSD pair is turning technically bearish below the 1.1808 level, further downside selling towards the 1.1750 and 1.1713 levels remains possible.
Should EURUSD price-action move above the 1.1808 level, price action may then move towards the 1.1828 and 1.1845 resistance levels.