The euro dropped to a four-week low against the U.S. dollar on Thursday, after the European Central Bank president flagged further monetary easing in December as the rising COVID-19 cases and new restrictive measures have led to a "clear deterioration" in the bloc's near-term outlook and risks are "clearly" tilted to the downside. Lagarde believes that third-quarter economic growth data might be better than expected, however expects this quarter to be weak, with a "very negative" November. Euro was already trading under pressure as investors worried that new lockdown measures will hamper region's economic recovery.
EURUSD decreased to a 4-week low of 1.1657. Should downbeat moods prevail, support at 1.1615 may come into play. Source: xStation5
