The euro currency earlier failed to break below the key 1.1713 support level against the U.S dollar, as the pair quickly reversed direction during yesterday’s late U.S session. The EURUSD quickly slumped to 1.1717, but moved back above the 1.1750 level, after the greenback dipped following the U.S Democrat party winning the in the state of Alabama yesterday. The victory weakens the U.S Republican parties position in the U.S Senate and is weighing on the intraday sentiment around the U.S dollar. Traders now look to the U.S CPI reading for the month of November, ahead of the FED interest rate decision.
The EURUSD pair remains intraday bearish while price-action trades below the 1.1774 level, downside support is now found at the 1.1750 and 1.1717 technical levels.
If the EURUSD pair starts to move above the 1.1774 technical level, intraday buyers may start to target towards the 1.1790 and 1.1813 resistance levels.
