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EUR/USD challenges cycle lows

FXStreet (Córdoba) - EUR/USD extended losses during the American session as the dollar staged a broad comeback that was fueled by solid US jobs data, and retraced completely previous day’s gains.

EUR/USD dropped nearly 80 pips over the day and hit a daily low of 1.0558, pausing the decline just above its 7-month low scored last Friday. At time of writing, the pair is trading at 1.0567, recording a 0.56% loss on the day.

Traders’ attention now turns to the European Central Bank decision on Thursday when the is expected announce more monetary stimulus in the form of a deposit rate cut and/or an expansion of its QE programme, which if confirmed will add further pressure on the euro.

EUR/USD key levels

In terms of technical levels, next supports for EUR/USD are seen at 1.0557 (7-month low Nov 30), 1.0520 (Apr 13 low), 1.0500 (psychological level) and then 1.0462 (2015 low Mar 13). On the upside, immediate resistances could be faced at 1.0636/37 (Nov 27, Dec 1 highs), 1.0700 (psychological level), 1.0762 (Nov 19 high) and 1.0829 (Nov 12 high).

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