During November, the European currency has lost 400 points and is trading below the level of 1.0785.
Recently, the eurozone released its GDP statistics. The indicator declined that will negatively affect the European currency. Today, attention needs to be paid to Retail Sales statistics, due in the US. The indicator is expected to grow significantly that will strengthen the US dollar . Amid the abovementioned factors, the downward trend in EUR/USD pair is likely to continue.
Support and resistance
The price has been trading between the levels of 1.0825 and 1.0672 (38.2% and 0.0% Fibonacci, respectively).
histogram is in the negative zone, its volumes are falling. indicator is directed upward. It can be suggested that a short-term growth in the pair is possible.
Support levels: 1.0674 (0.0% Fibonacci), 1.0700.
Resistance levels: 1.0770 (23.6% Fibonacci), 1.0826 (38.2% Fibonacci).
Short positions can be opened after the breakdown of the level of 1.0747 with the target at 1.0700 and stop-loss at 1.0800.