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27 Nov 2018

EUR/USD tumbles to fresh lows near 1.1290

  • Spot loses further ground and tests 1.1290, daily lows.
  • The up move in DXY approaches the 97.40 region.
  • US Consumer Confidence remains strong in November.

The greenback keeps pushing higher on Tuesday and is now forcing EUR/USD to recede to daily lows in the 1.1290 area.

EUR/USD looks to USD dynamics

The pair remains under pressure so far this week, briefly dropping to fresh multi-day lows in the 1.1290 region, albeit moving back to the 1.1300 neighbourhood soon afterwards.

The better tone surrounding the buck motivates the US Dollar Index to advance to new weekly highs near 97.40 amidst some improvement in US-10 year yields and renewed effervescence on the US-China trade front.

In addition, US Consumer Confidence came in at 135.7 in November, a tad below estimates although still in solid shape.

Regarding the latter, and in view of Joseph Trevisani, Senior Market Analyst at FXStreet: “The US consumer is the most optimistic in the world. The Conference Board Nov confidence index fell to 135.7 from 137.9 in Oct but it "remains at historically strong levels" according Lynn Franco of the Board. Friday's shopping surge was no fluke. Santa will be busy this year”.

EUR/USD levels to watch

At the moment, the pair is losing 0.19% at 1.1306 and a break below 1.1291 (low Nov.27) would target 1.1214 (2018 low Nov.12) en route to 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, the next barrier is located at 1.1362 (21-day SMA) seconded by 1.1434 (high Nov.22) and finally 1.1473 (high Nov.20).

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