The euro has moved lower against the U.S dollar, finding support at the key 1.1890 technical level, as the U.S dollar index attempts to recover Friday’s steep losses. The EURUSD pair fell from the 1.1957 level, despite positive headlines from the eurozone, confirming that Angela Merkel has said she is willing to make compromises, so a strong coalition deal to be reached. During the U.S trading session, investors await the release of U.S Consumer Confidence data, we also have a raft of Federal Reserve members delivering speeches.
A sustained loss of the 1.1890 technical support level should lead to a EURUSD sell-off towards the 1.1860 level. Extended euro support is found at 1.1834.
Should EURUSD price-action hold above the 1.1890 technical level, further buying towards the 1.1955 and 1.1990 levels cannot be ruled out.
