EURO SELLING BELOW 1.1780 LEVEL
The euro has continued to extend weekly losses against the U.S dollar overnight, with the pair now trading around the 1.1760 level. A clear break below the 1.1780 level intensified technical selling in the EURUSD in Asia, as the U.S dollar index moves towards the 94.00 mark. The move lower in the pair appears to be a U.S dollar driven more, as investors shift into greenbacks, ahead of the Federal Reserve interest rate decision next week. Traders now await the release of the U.S Non-farm payrolls job report later today, with the market expecting a solid 200,000 jobs figure and strong U.S wage growth during November.
The EURUSD pair is strongly bearish below the 1.1780 level, further downside selling towards the 1.1750 and 1.1713 technical levels now seems likely.
If the EURUSD pair moves back above the 1.1780 technical level, further upside towards the 1.1815 technical level appears possible. Extended intraday resistance is found at the 1.1845 level.