The common European currency continues to weaken considerably against its American counterpart for the sixth consecutive session.
On Thursday morning, the pair was bounded between a 2018 support and the 55-hour SMA. The former was breached after the ECB press conference when traders pushed the pair down to a fresh three-month low of 1.21.
This mark is likely to provide some support during the first part of the day, as it is a long-term support/resistance level. This should send the Euro for a minor recovery towards the 55-hour SMA and a strong resistance point at 1.2160.
The US Advance GDP is likely to dominate the second part of this session with the daily high and low being located at 1.2200 and 1.2030, respectively.
