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).