EURUSD finds support near 1.0720, Fedspeak, Draghi eyed

The shared currency remains entrenched in the red territory on Monday, with EUR/USD now looking to regain the 1.0780/85 band.

EUR/USD weaker ahead of Fedspeak

Spot keeps the bearish tone intact today, now losing ground for the sixth consecutive session after being rejected from last week’s tops in the mid-1.1100s.

The solid upside in the buck remains the exclusive driver behind the pair’s downside as of late, with expectations of a Fed’s rate hike in December and speculations of extra stimulus in the US economy following Trump’s win still on the rise.

Later in the session, President M.Draghi is due to speak amidst empty docket in the euro area. Across the pond, speeches by Dallas Fed R.Kaplan (2017 voter, neutral), Richmond Fed J.Lacker (2018 voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral) will leave all the attention on the buck.

EUR/USD levels to watch

The pair is now retreating 0.66% at 1.0786 and a breakdown of 1.0709 (2016 low Jan.5) would target 1.0538 (low Dec.3 2015) en route to 1.0519 (low Apr.13 2015). On the upside, the immediate hurdle aligns at 1.0826 (high Nov.14) followed by 1.0848 (low Oct.25) and finally 1.0952 (20-day sma).

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