The euro could not gather enough interests to rally above the October high of 1.1170 as the long spike suggested stiff selling pressure in that area. The single currency is likely to continue to pull back as the year draws to an end. On the hourly chart, the moving averages act as resistance level after the RSI indicator recovered from the over-sold territory. At the end of the current consolidation we may expect the pair to move down towards 1.1060.