Selling pressure remains very strong, a is still in evidence in the . These dips would enable the cross to gather momentum ahead of a new round of rallies. The oversold indicators on the H4 chart indeed plead for another test of the resistance 10.60. A break of this would be needed to rally further to 10.63 and 10.67.
The daily studies and oscillator are remaining while the cross manages to hold its 20MA. More selling would come only below 10.50 for 10. 40 and 10.37.
The Executive Board has therefore decided to hold the repo rate unchanged at −0.50 per cent. If the economy develops as expected, there will soon be scope to slowly reduce the support from monetary policy. The forecast for the repo rate indicates that it will also be held unchanged at the monetary policy meeting in October and then raised by 0.25 percentage points either in December or February.