FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair had a volatile session this Wednesday, extending its decline down to a fresh 7-month low of 1.0565 ahead of the US session opening, on renewed speculation that the ECB will extend its stimulus program next December. Key Quotes: "The common currency started the day advancing up to 1.0688 against its American rival, but plummeted below the 1.0600 figure in the European morning, accelerating its decline after the release of mixed US data. In the US, weekly unemployment claims fell down to 260K in the week ended Nov. 21, the lowest in a month, whilst Durable Goods Orders in October beat expectations by rising 3.0% against a previous decline of 1.2%. Yet, the core PCE remained muted at 1.3%, while personal spending grew by 0.1%in the same month, well below the 0.4% expected and a consumer sentiment index resulted at 91.3 in November, against October reading of 93.1. The pair bounced in the American afternoon, as investors locked profits ahead of the Thanksgiving holiday, which anticipates little action ahead of the weekend. Nevertheless, the technical picture continues to favor the downside, as in the 1 hour chart, the pair trades below its moving averages, with the 20 SMA attracting sellers around 1.0630 the immediate resistance. In the same chart, the technical indicators have recovered from oversold readings, but remain well below their mid-lines and lacking upward strength. In the 4 hours chart the price is also unable to advance above a mild bearish 20 SMA, whilst the Momentum indicator continues to lack directional strength around its 100 level and the RSI indicator hovers around 44, limiting chances of further recoveries." For more information, read our latest forex news.