Technical Analysis

EURO Strongly Bearish Below 1.1808 Level

Typography

The euro continues to move lower against the U.S dollar, with price-action now closing below the pairs key 100-day moving average. The EURUSD pairs decline accelerated, after a marginally better ADP jobs report from the United States, showing that 190,000 private sector jobs had been created during November. Downside pressure remains, with the pair creating further bearish lower swing price-highs on the charts. Traders now look to third quarter Gross Domestic Product figures from the Eurozone.

The EURUSD pair is strongly bearish while trading below the 1.1808 level, further downside towards the 1.1879 and 1.1765 levels seems likely.

Should EURUSD price-action move above the 1.1808 level, buyers may target towards the 1.1828 and 1.1845 resistance levels.

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