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  • The European currency remains under pressure on Thursday.
  • Spot trades in session lows in the mid-1.1500s on stronger buck.
  • Eurogroup meeting will take centre stage in Euroland today.

The single currency is extending the downbeat momentum and is now dragging EUR/USD to the area of fresh daily lows near 1.1550.

EUR/USD looks to USD, Germany

Spot remains on the defensive, losing ground for the third session in a row on Thursday against the backdrop of a persistent demand for the greenback and some effervescence in the German political scenario.

In fact, the US Dollar appears to have left behind some concerns over the US-China trade dispute and is pushing higher on the back of rising US 10-year yields, which are testing fresh tops in the 2.95% neighbourhood and widening the gap vs. their German peers.

In the data space, the advance gauge of the Consumer Confidence by the European Commission is due later along with the Eurogroup meeting. Across the pond, the Philly Fed index will be the salient event seconded by Initial Claims.

EUR/USD levels to watch

At the moment, the pair is losing 0.16% at 1.1555 and a breakdown of 1.1537 (low Jun.21) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next hurdle aligns at 1.1646 (high Jun.19) seconded by 1.1661 (10-day sma) and finally 1.1674 (21-day sma).