The European currency remains under pressure as the US dollar is strengthening. The demand for the USD is growing ahead of the upcoming Fed meeting. Market participant are pricing in a 72% chance of a hike in the US interest rates.
Today, the US Department of Labor releases Initial Jobless Claims data for November. Analysts forecast a decline from 276K to 271K. The Fed sees labour market statistics as one of the key indicators while considering whether the US economy is ready for a rate increase.
Two speeches of Fed officials, Dennis Lockhart and Stanley Fischer, are worth noting today as well. They may give more information about future US monetary policy.
During the Asian session, the EUR/USD pair has reached the level of 1.0717 within a downward channel.
Support levels: 1.0660, 1.0617, 1.0570, 1.0520.
Resistance levels: 1.0717, 1.0770, 1.0820.