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EUR/USD probing fresh lows near 1.1830

  • Spot tumbles further post-US data.
  • Last week’s low at 1.1810 now on the radar.
  • EUR/GBP sell-off also adds to the pair’s pullback.

The selling pressure around the shared currency stays unabated so far on Monday and is now forcing EUR/USD to recede to the 1.1830 area, or fresh daily lows.

EUR/USD offered on USD-buying

The pair is extending the leg lower after Friday’s brief test of tops in the 1.1940/45 band, always against the backdrop of a renewed and strong bounce of the greenback.

In fact, the buck is trading on a firm footing vs. almost all its rival currencies – with exception of the Sterling – after the US Senate passed the tax reform bill and some inconsistencies appeared after headlines involving former National Security Adviser M.Flynn.

Data-wise today, the Sentix index missed consensus for the current month, while US factory orders contracted less than expected 0.1% in October and orders stripping the Transportation sector expanded at a monthly 0.8%.

EUR/USD levels to watch

At the moment, the pair is losing 0.46% at 1.1841 and a breakdown of 1.1829 (low Dec.4) would target 1.1810 (low Nov.30) en route to 1.1773 (21-day sma). On the flip side, the immediate target emerges at 1.1961 (high Nov.27) seconded by 1.2033 (high Sep.20) and finally 1.2069 (high Aug.29).

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