The euro has opened the trading week gap down against the U.S dollar after the Democrat party passed the tax reform plan through Congress late on Friday. The U.S dollar has reacted by moving sharply higher, as investors price-in lower U.S tax rates and U.S higher interest rates in 2018. The EURUSD pair currently trades around the 1.1855 level, after spending the European trading session on the backfoot, finding support at the 1.1836 level. Traders now await the release of U.S Factory Orders data, and shorter maturity bond auctions coming out of the United States.
The EURUSD pair remains intraday bearish while trading below the 1.1875 level. Further downside towards 1.1845 and 1.1790 appears possible.
Should EURUSD price-action move above the 1.1875 technical level, further buying towards 1.1900 and 1.1930 seems likely.