The European currency continues declining against the US dollar. At present, the pair is trading within the range of 1.0584-1.0590. The level of 1.0600 is seen as a key resistance level, where large volumes of short positions were registered.
Many analysts still suggest that due to a hike in the US interest rates, the European currency might reach parity with the US dollar in the next 12 month. The Federal Reserve announces its interest rate decision on 16 December, at its final meeting of the year.
The nearest support level is 1.0560.
The nearest resistance level is 1.0600.