EUR/USD under pressure on Catalan election results

• Catalan election weighs on the Euro
• Germany and US data up next
• Technicals remain bullish 

EUR/USD has come under increasing pressure in the last hour of trading, currently exchanging hands at 1.1835, having reached a low of 1.1815 after Catalan separatists won a majority in Spanish regional election.

Catalan separatists pose political risk

The risk of further political turmoil between the Spanish and the Catalan governments, coupled with worries over a minority government in Germany, are the main drivers pushing the European shared currency into fresh session lows, as thin pre-holiday trading begins.

German and US data eyed

Looking ahead, as Valeria Bednarik, Chief Analyst at FXStreet, writes: "This Friday, attention will focus on German GFK Consumer Confidence survey for January, while the US will release personal income and spending figures for November, which include Fed's favorite inflation measure, the PCE price index, alongside with Durable Goods Orders, New Home Sales and the Michigan sentiment index. Currencies, however, may see limited reactions ahead of the year-end holidays."

EUR/USD technicals

Technically, as Valeria notes: "In the 4 hours chart, the price holds above a bullish 20 SMA that extended its advance above the 100 and 200 SMAs, while technical indicators continue consolidating within positive territory, aiming to regain the upside but below previous weekly highs, all of which leans the scale towards the upside, although a break above 1.1900 is now required to confirm additional gains ahead."