EUR/USD holds weaker near multi-month lows, Yellen speech eyed

   •  Breaks out of the post-ECB consolidative range. 
   •  Drops to nearly 4-month lows on stronger USD.
   •  Technically remains vulnerable to slide further.

The EUR/USD pair maintained its offered tone through the early NA session and is currently placed just a few pips away from nearly 4-month lows touched earlier.

The pair finally broke out of its post-ECB consolidative range and took along some stops placed near the 1.1575-70 strong support amid persistent greenback buying interest. 

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In the absence of any fresh economic or political news, steady rebound around the US Treasury bond yields pushed the US Dollar Index to 95.00 mark and has been one of the key factors weighing on the major. 

Growing market expectations for an eventual December Fed rate hike action remained supportive of the prevailing overall bullish sentiment around the buck. Against the backdrop of dovish assessment of the latest ECB decision in late October, a follow through depreciating move, led by some fresh techincal selling, now seems a distinct possibility.

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On the economic data front, the release of JOLTS Job Openings data from the US might provide some trading impetus ahead of the Fed Chair Janet Yellen's speech later during the NY session.

Technical levels to watch

A follow through weakness below mid-1.1500s is likely to accelerate the fall towards the key 1.15 psychological mark before the pair eventually drops to test its next support near the 1.1450-40 region.

On the upside, any recovery attempts might now confront fresh supply near the 1.1600 handle, which if cleared might trigger a short-covering bounce back towards the 1.1660-70 region.