EURUSD NOW BEARISH BELOW 1.1989 LEVEL

The EURUSD has continued to drift lower, with euro buyers failing to defend the 1.1989 technical level, after the pair briefly spiked towards the 1.2018 level on Wednesday. Price-action is now trading around the 1.1950 region, with the U.S dollar now gaining upside momentum against a broad-spectrum of top-tier currencies. In the upcoming European trading session, EURUSD traders look to the release of Italian Retail Sales figures, and the Meeting Minutes from the European Central Banks December policy decision.

• The EURUSD pair remains intraday bearish while trading below the 1.1989 level, further losses towards the 1.1920 and 1.1880 level appear possible.

• Should price-action on the EURUSD pair move above the 1.1989 level, traders will look to the Wednesday high, at 1.2018, and the key 1.2052 resistance level.