EUR/USD under pressure below 1.1180 on Draghi ahead of FOMC minutes

Currently, EUR/USD is trading at 1.1176, down -0.07% on the day, having posted a daily high at 1.1205 and low at 1.1169.

EUR/USD is trading heavily with a break of the 111.80 key support level again and has eyes on Monday's low of 1.1161. We are awaiting the FOMC minutes as next major catalyst:

• Fed Minutes to be carefully examined for any information to unwind the build-up of assets – Lloyds Bank

Meanwhile, Wall Street, also awaiting the outcome of the minutes, opened with bullish intentions but has moved into a sideways chop. The DXY is also flat on the day so far within a narrow range of between 97.25-97.46. US yields in the 10-year are slightly higher at 2.2922 on the approach to the psychological 2.30%, underpinning US dollar strength overall.

• US stocks slightly higher as investors keenly await FOMC minutes

Weighing on the euro are the comments from ECB President Mario Draghi. He reiterated that there is no need to deviate from the current monetary policy stance and that the side-effects of the unconventional policy measures remained contained. This comes in stark contrast to what the market had been speculating in terms of timings for when the ECB will begin to talk about plans for tapering. In Germany, we had the release of the latest GFK consumer confidence survey. 10.4 arrived vs a previous10.2 and the highest level since October 2001.

• Draghi speech: Monetary policy measures put in place in recent years have proven to be effective

EUR/USD levels

• Where next for 'euphoric' EUR/USD?

Analysts at Commerzbank explained that EUR/USD is near term is downside corrective: "The Euro is approaching the 1.1300 November high and we note the TD perfected set up. We may see some consolidation/retracement just below this level. While dips lower hold over the near term uptrend at 1.0957, the market stays immediately bid."

Valeria Bednarik, chief analyst at FXStreet explained that the pair has an immediate support at 1.1160 and below it. "The pair can move further lower, although the longer term bullish tone persists. A recovery above 1.1220, on the other hand, should lead to a new leg higher that can extend up to 1.1295/1.1300."