EUR/USD prints fresh 11-month lows under 1.0700

EUR/USD resumed the declined and hit fresh 11-month lows under 1.0700 as the US dollar remained strong in the market and amid a slide of the euro. 

Under 1.0700

The pair bottomed at 1.0665 and it was trading at 1.0675, down almost 50 pips for the day and headed toward the eighth decline in a row. 

Earlier EUR/USD attempted to recover ground particularly after the release of US data that showed lower-than-expected reading in the PPI and in the industrial production report. But the recovery was short-lived and after finding resistance at 1.0720 it turned again to the downside. 

Greenback continued to climb against the euro after Trump’s victory in the US and ahead of the FOMC December meeting when the Federal Reserve is likely to hike rates according to current market prices. 

Levels to watch 

To the downside, support might be seen at 1.0665 (daily low), 1.0640  (Nov 27 2015 high and Dec 3 2015 low) followed by 1.0600 (psychological). On the upside, resistance lies at 1.0715/20 (20-hour moving average), 1.0760 (daily high) and 1.0815 (Nov 15 high). 

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