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EUR/USD steady below 1.1800 on US data

  • EUR offered below 1.1800.
  • DXY keeps the upbeat tone near 93.70.
  • US 10-y note off highs, around 2.33%.

EUR/USD remains entrenched into the negative territory so far this week although it seems to have found decent contention in the 1.1775/70 band for the time being.

EUR/USD tumbles to 2-week lows

The pair’s bearish note remains intact so far this week, prolonging the rejection from recent tops above 1.1900 the figure seen in late November/early December and navigating the area of fresh 2-week lows.

On the USD-side, the continuation of the buying interest motivated the US Dollar Index to climb to multi-day tops in the 93.70/80 band, always amidst firm optimism regarding the us tax reform bill.

In the data space today, EMU’s GDP figures showed the bloc’s economy expanded 0.6% in Q3 and 2.6% on a yearly basis. Across the pond, initial claims rose to 236K WoW, taking the 4-week average to 241.50K from 242.25K. Previously in the US docket, Challenger job cuts increased to 35.0K in November, or 30.1%.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.1797 facing the next support at 1.1776 (low Dec.6) followed by 1.1765 (55-day sma) and finally 1.1713 (low Nov.21). On the upside, a breakout of 1.1860 (10-day sma) would target 1.1942 (high Dec.1) en route to 1.1962 (high Nov.27).

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