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EUR/USD tumbles to fresh lows near 1.1350, US GDP on sight

  • The pair comes under further selling pressure and drops to 1.1350.
  • The greenback remains bid and trades near tops around 96.70.
  • US flash Q3 GDP figures and the U-Mich index next of relevance.

The negative stance around the European currency remains in place on Friday and is now forcing EUR/USD to drop further and test lows in the 1.1350 area.

EUR/USD now looks to US data

The pair stays on the defensive for yet another session and is navigating levels last seen in mid-August around 1.1350, always against the backdrop of a solid sentiment around the buck and renewed jitters surrounding Italy.

In fact, the greenback is re-testing recent 2-month peaks in the 96.70 area when tracked by the US Dollar Index, while EUR-bears remain in control following yesterday’s uneventful ECB meeting.

Still in Italy, market participants will closely follow the upcoming revision of the country’s credit rating by agency S&P, expected later in the European evening.

Data wise, President M.Draghi and Board member B.Coeure are due to speak later in the session, while advanced US Q3 GDP figures and the final reading of Consumer Sentiment are due in the US calendar.

EUR/USD levels to watch

At the moment, the pair is down 0.18% at 1.1353 and a break below 1.1350 (low Oct.26) would target 1.1319 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1470 (10-day SMA) seconded by 1.1505 (21-day SMA) and finally 1.1550 (high Oct.22).

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