EUR/USD hits fresh session lows ahead of US data

   •  A modest USD rebound prompts fresh selling ahead of 1.19 handle.
   •  Sliding US bond yields fail to lend any support.
   •  Focus remains on US GDP/macro data.

The EUR/USD pair faded an early European session spike to 1.1890 level and drifted into negative territory, snapping three consecutive days of winning streak. 

Currently trading around the 1.1855 region, testing session lows, the pair's latest leg of fall of around 30-35 pips could be primarily driven by a goodish pickup in the US Dollar demand. Ahead of the final read on the US Q3 GDP growth figures, traders seemed inclined to lighten their bearish USD bets and prompted some fresh selling just ahead of the 1.1900 handle

Moreover, a slight improvement in investors' risk appetite, with most European equities now trading higher on the day, was also seen weighing on the Euro's funding currency status and further collaborated to the pair's retracement since the early European session. 

Meanwhile, the market seems to have largely negated a corrective slide across the US Treasury bond yields, with the USD price dynamics and some repositioning trade acting as key determinants of the pair's downslide on Thursday. 

Today's US economic docket also features the release of Philly Fed Manufacturing Index and the usual initial jobless claims data, which might also contribute towards providing some momentum in pre-holiday lackluster trading action. 

Technical outlook

Immediate support is pegged near the 1.1840-35 region, below which the slide could get extended back towards the 1.1800 handle ahead of 1.1765-60 support. On the upside, the 1.1890-1.1900 region remains immediate strong resistance, which if cleared could lift the pair towards 1.1930-40 supply zone.