EUR/USD holds above 1.10 ahead of ECB rate decision
EUR/USD holds above the 1.10 level ahead of the ECB rate decision where a 25 bps rate cut is expected. Watch new staff projections for a possible downward revision to growth forecasts and upwards revision to core inflation.
EUR/USD has trended higher since April, forming a series of higher highs and higher lows. The price trades above the upwards sloping 200 SMA and remains north of bearish support lines.
While the price has eased from the 1.12 high, the bullish trend is in tact for now.
1.10 is a key support and a break below here opens the door to a deeper selloff towards 1.09.
Should the 1.10 level hold, buyers will be look to rise towards 1.11 round number and 1.12.
FC
EUR/USD has trended higher since April, forming a series of higher highs and higher lows. The price trades above the upwards sloping 200 SMA and remains north of bearish support lines.
While the price has eased from the 1.12 high, the bullish trend is in tact for now.
1.10 is a key support and a break below here opens the door to a deeper selloff towards 1.09.
Should the 1.10 level hold, buyers will be look to rise towards 1.11 round number and 1.12.
FC
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