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EURUSD gradually rises inside six-week-old bullish channelEURUSD extends the previous three-week uptrend as traders await Eurozone Retail Sales and the US inflation data. The quote’s latest upside could be portrayed by an upward-sloping trend channel. That said, the 78.6% Fibonacci retracement level of September 12-28 downside, near 1.0070, lures short-term buyers. In a case where a nearly overbought RSI fails to stop the pair’s upside, the stated channel’s upper line near 1.0140 will gain the market’s attention, a break of which could challenge September’s peak surrounding 1.0200. Alternatively, the pullback move could aim for the 50% and 61.8% Fibonacci retracement levels, near 0.9945 and 0.9865 in that order. Following that, the 200-SMA level near 0.9810 and the bullish channel’s support line, close to 0.9750, will act as the last defense of the EURUSD buyers. If the quote defies the bullish chart pattern, multiple supports near 0.9640 and 0.9580 could test the sellers before directing them towards refreshing the yearly low, currently around 0.9535. Overall, EURUSD is likely to grind higher but the room towards the north appears limited.
by MTradingGlobal
EURUSD braces for further upside but 0.9900 tests bullsEURUSD jostles with a four-month-old resistance line, as well as the 50-DMA, respectively around 0.9870 and 0.9900, as it lures buyers near a fortnight top. Given the firmer RSI and bullish MACD signals, the major currency pair is likely to refresh the monthly top, currently around the parity level. In doing so, September’s peak surrounding 1.0200 will be crucial to confirm the bullish trend. Following that, a run-up towards the five-week-old horizontal resistance area near 1.0360 can’t be ruled out. Alternatively, the EURUSD pair’s failure to provide a successful break above 0.9900 could drag it to the monthly support line, close to 0.9720 by the press time. Even so, the bears may want to wait for a clear break of the four-week-long support zone around 0.9660 to retake control. In that case, the yearly low of 0.9535 will gain the market’s attention. In a case where the quote remains weak past 0.9535, the 0.9000 psychological magnet should lure the sellers. Overall, EURUSD is up for regaining the bull’s confidence but a clear break of 0.990 is necessary.
by MTradingGlobal
EURUSD signals further downside, 0.9670 in focusAfter staying off the bear’s radar during the first two days of the week, EURUSD returned to the red zone as it broke the weekly support line. The trend line breakdown joins downbeat oscillators to keep sellers hopeful of meeting an upward-sloping trend line support from September 28, around 0.9670. The quote’s further downside, however, will be challenged by the monthly low of 0.9631, a break of which could quickly drag prices towards the multi-year low marked in the last month around 0.9535. Alternatively, the support-turned-resistance around 0.9840 guards the immediate recovery moves. However, a convergence of 200-SMA and a five-week-old descending resistance line, close to 0.9855, appears a tough nut to crack for the EURUSD bulls. It should be noted, though, that the pair’s successful break of 0.9855 will open the doors for the run-up toward challenging the monthly peak surrounding the parity mark that seems the last defense of the bears. Overall, EURUSD has already welcomed the bears but the party appears a small one unless breaking 0.9670.
by MTradingGlobal
EURUSD braces for fresh yearly low ahead of key events/dataEURUSD bears take a rest around the two-week-old horizontal support area while waiting for this week’s key catalysts, namely FOMC Meeting Minutes and US CPI. That said, sluggish RSI and bearish MACD signals join the quote’s sustained trading below the 50-SMA to keep sellers hopeful. However, a clear downside break of the 0.9665-50 region appears necessary for the fresh leg down. Following that, the latest multi-year low, marked in September around 0.9535, will gain the attention ahead of the 61.8% Fibonacci Expansion (FE) of August-October moves, close to 0.9485. In a case where the pair remains weak past 0.9485, the odds of witnessing a slump toward the September 2001 high near 0.9330 can’t be ruled out. Alternatively, recovery moves need to cross the 50-SMA level of 0.9800 for the start. Following that, the 50% Fibonacci retracement of the August-September downside and the monthly high, respectively around 0.9950 and the 1.0000 psychological magnet should lure the EURUSD buyers. If the quote remains firmer past 1.0000, a two-month-old downward sloping resistance line, around 1.0025 by the press time appears the last defense of the bears. To sum up, EURUSD appears bearish ahead of this week’s important data/events.
by MTradingGlobal
EURUSD rebound is at test near 0.9830 resistanceEURUSD defends the first weekly gain in three around the 20-year low during early Monday. The recovery also gains support from the RSI and the MACD. However, an downward sloping resistance line from September 12, around 0.9830 by the press time, challenges the immediate upside moves. In a case where the quote rises past 0.9830, the 200-SMA and the 61.8% Fibonacci retracement level of the pair’s August-September downturn, respectively near 0.9950 and 1.0050, could challenge the bulls. It’s worth noting that a two-month-old downward sloping trend line around 1.0090, quickly followed by the 1.0100 threshold, appears the defense of the pair sellers. Alternatively, the 50-SMA and the 23.6% Fibonacci retracement level, close to 0.9740 and 0.9730 in that order, could test the EURUSD pair’s pullback. Following that, the 0.9640 and the 0.9580 levels might poke the bears before giving them control. In that case, the latest trough surrounding 0.9540 should act as a buffer before highlighting the September 2001 peak near 0.9330. Overall, the EURUSD rebound is likely to extend for a while as traders await the key data from the US. However, the bearish trend isn’t challenged yet.
by MTradingGlobal
EURUSD eyes further downside below parityAlthough June 1989’s low test EUR/USD bears, a clear downside break of the 2.5-month-old support line, now resistance around 0.9850, keeps sellers hopeful at the lowest levels in 20 years. Even so, the major currency pair stays inside a bearish channel formation established on May 12 and has its support line located around 0.9490 by the press time. Additionally, the January 2001 low of around 0.9600 could join the oversold RSI conditions to challenge the short-term downside. Meanwhile, recovery remains elusive until the quote stays successfully beyond the 10-week-old support-turned-resistance line around 0.9850. Following that, the 0.9950 and the 1.000 parity level could entertain short-term buyers. However, a convergence of the 50-DMA and upper line of the stated channel, close to 1.0080, appears a tough nut to crack for the EURUSD bulls before they can dream of retaking control. It’s worth noting that the Italian elections and multiple speeches from ECB President Christine Lagarde, as well as Fed Chairman Jerome Powell, make it an interesting pair to watch on Friday.
by MTradingGlobal
EURUSD bears await Fed’s decision to refresh yearly lowEURUSD gyrates between the 50-DMA and a two-month-old support line surrounding the yearly bottom flashed last week. The steady RSI and bearish MACD signals, however, keep the sellers hopeful as markets await the Fed. That said, a downside break of the aforementioned support line, around 0.9850 by the press time may avail an intermediate halt near the 0.9800 threshold before directing the quote towards the 61.8% Fibonacci Expansion (FE) of late June to early August moves, near 0.9730. It’s worth noting that the pair’s downside past 0.9730 will make it vulnerable to testing the early 2001 top near 0.9600. Alternatively, recovery moves beyond the 50-DMA hurdle, around 1.0100, needs validation from the monthly high near 1.0200 to convince the EURUSD buyers. Following that, a run-up towards the previous monthly high surrounding 1.0370 can’t be ruled out. In a case where the currency pair rises past 1.0370, its run-up towards the late June swing high of 1.0615 can’t be ruled out. Overall, EURUSD remains on the bear’s radar but awaits the FOMC to trigger the fresh south-run.
by MTradingGlobal
EURUSD bulls struggle to retake control ahead of US inflationOn Monday, EURUSD rose past 200-SMA for the first time in a month and formed a bullish channel. However, the following pullback from 1.0197 flirts with the stated channel’s lower line near 1.0130. Following that, the 1.0100 threshold comprising the 200-SMA, could test the pair bears ahead of the key US Consumer Price Index (CPI) data for August. Hence, a recovery towards 1.0200 can’t be ruled out. However, the aforementioned channel’s top and the 78.6% Fibonacci retracement of August-September downside, respectively around 1.0225 and 1.0265, could challenge the pair’s further advances, if not, then a run-up towards the previous monthly peak surrounding 1.0370 could appear on the chart. Meanwhile, a downside break of the 1.0100 key SMA level could quickly drag EURUSD prices towards the 38.2% Fibonacci retracement level of the stated moves, close to 1.0055. Following that, the 1.0000 parity level and the 0.9910 may entertain the bears before redirecting them to the yearly low marked in the last week around 0.9860. Overall, EURUSD regains its place on the buyer’s radar but the uptrend remains doubtful as strong US inflation may recall the US dollar bulls.
by MTradingGlobal
EURUSD bears running out of steam ahead of ECBEURUSD fades bounce off the lowest levels in almost two decades as traders await the European Central Bank’s (ECB) second rate hike. The major currency pair portrays a four-month-old bearish channel and justifies the downbeat MACD signals to keep sellers hopeful irrespective of the widely-expected 75 bps hike. However, the 61.8% Fibonacci Expansion (FE) of May-August moves, near 0.9850, joins the nearly oversold RSI to probe the quote’s further downside. Even if the bears keep reins past 0.9850, backed by ECB’s disappointment, the pair prices could drop to the 78.6% FE level surrounding 0.9715. It’s worth noting, however, that the pair’s failure to bounce off 0.9715 could make it vulnerable to slumping towards the stated channel’s support line, close to the 0.9600 threshold. Meanwhile, ECB’s positive surprise could offer immediate strength to the EURUSD and can challenge the short-term hurdle, namely the 20-day EMA level near the 1.0000 psychological magnet. However, the pair’s further advances need validation from late July’s low around 1.0100. Even so, the bulls are likely to remain off the table unless witnessing a clear upside break of the aforementioned channel’s resistance line, at 1.0170 by the press time. Overall, EURUSD is likely to remain on the bear’s table irrespective of the ECB’s attempt to defend the regional currency. That said, the odds of witnessing intermediate bounces can’t be ruled out.
by MTradingGlobal
EURUSD rebound needs validation ahead of Eurozone inflationHaving refreshed the multi-year low the previous week, EURUSD rose during the last two days. That said, the pair traders await flash readings of Eurozone inflation data for August on Wednesday for fresh impulse as they poke a two-week-old resistance line, around 1.0050 by the press time. If the data manages to propel the prices to cross an immediate hurdle, the 100-EMA level surrounding 1.0075 and the 1.0100 threshold will act as the last defenses for the sellers. It’s worth noting that the pair’s upside past 1.0100 enables buyers to aim for the 61.8% Fibonacci retracement level of August 10-23 downside, near 1.090, wherein the mid-August swing low of 1.0121 may offer an intermediate halt. On the flip side, the 0.9980 and 0.9950 levels can offer nearby support to the EURUSD pair during its fresh declines. Following that, the 19-year low marked in the last week at around 0.9900 should gain the market’s attention. Also acting as the downside filter is the 61.8% Fibonacci Expansion (FE) of August 12-26 moves, near 0.9860. Elsewhere, steady RSI and the sluggish MACD signal that the bears are running out of steam. However, it all depends upon the Consumer Price Index (CPI), recently known as the Harmonized Index of Consumer Price Index (HICP).
by MTradingGlobal
EURUSD has more downside room unless hitting 0.9700EURUSD dropped to the lowest since late 2002 during the four-day downtrend. The oversold RSI, however, tested the bears afterward around 0.9900. It’s worth noting that the consolidation remains elusive until the quote stays beyond the previous monthly low near 0.9950. Even so, the parity level and a six-week-old horizontal resistance area around 1.0090 could challenge the upside momentum before directing the buyers towards the 1.0255-60 resistance confluence including the 50-DMA and upper line of the bearish channel established on May 12. Alternatively, the 61.8% Fibonacci Expansion (FE) of late May to early August downside, close to 0.9850, appears immediate support to watch during the EURUSD pair’s further weakness. It’s worth noting, however, that a joint of the 78.6% FE and lower line of the aforementioned channel, near 0.9700 at the latest, appears a tough nut to crack for the bears afterward. In a case where the quote remains weak past 0.9710, lows marked during late 2002 and a high of early 2001, between 0.9610 and 0.9590, will be in focus. Overall, EURUSD remains on the bear’s radar but 0.9700 becomes strong support as traders await the key US data/events.
Short
by MTradingGlobal
EURUSD portrays bearish set-up ahead of US NFPBe it an ascending triangle or a pullback from 200-SMA, EURUSD bears flex muscles as markets await the US Nonfarm Payrolls (NFP) for July. That said, the bearish triangle confirmation looms on the clear downside break of 1.0160, which in turn could direct the pair towards the yearly low near 0.9950. However, the 1.0090 and the 1.0000 parity level could offer intermediate halts during the fall. In a case where the pair sellers dominate below the 0.9950 trough level, the 61.8% Fibonacci Expansion (FE) of late June-July moves, near 0.9870 might join the likely oversold RSI conditions to hinder further downside. On the contrary, the 200-SMA and upper line of the monthly triangle offer a tough nut to crack for EURUSD buyers at around 1.0280. Following that, a run-up towards a horizontal area comprising multiple levels marked since mid-June, near 1.0358-65, could challenge the upside momentum. It’s worth noting, however, that the pair’s successful rise beyond 1.0365 could enable the bulls to aim for June’s high of 1.0588. Overall, EURUSD stays inside a bearish set-up with an absence of oversold RSI and bearish MACD signals amplifying the odds of the quote’s downside. However, it all depends upon how well the US employment data for July arrives. A negative surprise won’t hesitate to pamper bulls.
by MTradingGlobal
Gold fades bearish channel breakout above $1,700Gold fails to extend the post-ECB rebound from yearly low, not to mention unable to extend the bearish channel breakout. Given the metal’s sustained trading below the key SMA and the recently downbeat oscillators, the bullion is likely to remain pressured. Hence, sellers can see the latest bounce as an opportunity until the quote stays below the 100-SMA level surrounding $1,745. Following that, a downward sloping resistance line from June 13 and a horizontal area from mid-May, respectively around $1,768 and $1,785-87, will be the final defenses for bears. On the contrary, pullback moves could aim for the two-week-old descending trend channel’s upper line, previous resistance around $1,708 before the $1,700 threshold and the latest lows lows surrounding $1,680 can entertain gold bears. It’s worth noting, however, that the aforementioned channel’s support line, at $1,668 by the press time, will precede the mid-April 2020 low near $1,660 to challenge the metal’s further downside. Overall, gold bears remain in the driver’s seat despite the corrective pullback as traders brace for July’s PMIs and July 26-27 Fed meeting.
OANDA:XAUUSDShort
by MTradingGlobal
EURUSD bulls have a long way ahead to take control as ECB loomsEURUSD fades a week-long recovery mode ahead of the key European Central Bank (ECB) meeting. The pullback could also be linked to the pair’s inability to cross the 100-SMA amid RSI retreat from overbought territory, which in turn suggests the further weakness of the quote. However, a weekly support line, now resistance, joins the 100-SMA near 1.0230 to challenge intraday sellers, a break of which could quickly drag the quote towards the previous Wednesday’s peak surrounding 1.0120. In a case where the major currency pair drops below the 1.0120 supports, the odds of its slump towards the parity level can’t be ruled out. However, bullish MACD signals probe the bears targeting the fresh yearly low, currency around 0.9950. Meanwhile, a sustained trading beyond the 1.0230 resistance confluence can direct short-term buyers towards the 38.2% Fibonacci retracement level of June 09 to July 14 downside, at 1.0265. Iff the EURUSD prices cross the 1.0265 resistance, a five-week-old horizontal area including the 50% Fibonacci retracement, near 1.0360-65, could challenge the buyers. It’s worth noting that a convergence of the 200-SMA and a downward sloping trend line from June 09, close to 1.0400, appears the last defense of the pair bears, a break of which could give control to the bulls. To sum up, EURUSD sellers seem flexing muscles ahead of the ECB’s widely known 0.25% rate hike and hence the region’s central bank should do more to defend the Euro buyers.
by MTradingGlobal
EURUSD widened doors for bears ahead of FOMC MinutesEURUSD dropped to the lowest levels since late 2020 on breaking the two-month-old horizontal support area near 1.0360-50, before the latest dribbling around 20-year low. The downside also conquered the 61.8% FE of March-May moves while extending the south-run inside a four-month-long bearish channel. With this, the sellers keep reins ahead of the Fed Minutes and the US ISM Services PMI for June, both of which are likely to exert downside pressure on the quote. Hence, the major currency pair is likely to extend the fall toward testing the 78.6% Fibonacci Expansion (FE) level near 1.0140. In a case where the oversold RSI fails to trigger a rebound around 1.0140, the odds of witnessing the 1.0000 psychological magnet back to the chart can’t be ruled out. The 1.0000 figures also coincide with the aforementioned channel’s support line. Meanwhile, corrective pullback needs to stay beyond 1.0360 support-turned-resistance to gain the market’s confidence. Even so, the 1.0480 and upper line of the stated channel, close to 1.0540, will be crucial hurdles for the EURUSD bulls to cross before taking back control. During the quote’s run-up beyond 1.0540, late June’s swing high near 1.0615 and the previous monthly top surrounding 1.0785 could gain the market’s attention. To sum up, EURUSD stays on the bear’s radar ahead of important data/events. Even if the scheduled catalysts disappoint sellers, the recovery moves are likely to have a bumpy road ahead.
by MTradingGlobal
EURUSD opened the door for sellers ahead of ECB ForumNot only a sustained trading below the 200-EMA but a clear downside break of the short-term ascending triangle also keeps EURUSD bears hopeful as traders await major central bankers’ debate at the ECB Forum. That said, 1.0460 appears the immediate support for the pair sellers to aim for ahead of looking at the yearly low surrounding 1.0350. During the fall, the 1.0400 round figure may offer an intermediate halt. Meanwhile, a fortnight-old triangle’s support line, now resistance around 1.0560, restricts the short-term rebound of the EURUSD pair. Following that, the 200-EMA surrounding 1.0600 and the triangle’s upper line near 1.0620 could challenge the buyers before giving them control. Should the quote manage to remain firm past 1.0620, the upside momentum could then target the 1.0700 psychological magnet before the monthly peak of 1.0773. Overall, EURUSD has already flashed bearish signals ahead of the week’s key event, which in turn makes it comfortable for sellers. However, the recession may probe policymakers from the ECB, BOE and the Fed, making it important to be cautious before taking big positions ahead of the event.
by MTradingGlobal
EURUSD stays on the way to sub-1.0300 regionEURUSD again bounces off the monthly low as sellers flirt with a horizontal area surrounding multiple levels marked since April. That being said, RSI and MACD back the major currency pair’s mid-week retreat, which in turn hints at the break of the immediate support zone near 1.0490-80. The following downturn could aim for the yearly low close to 1.0350 before allowing a chance for the bears to breathe. In a case where the quote fails to rebound from 1.0350, the odds of witnessing an extended south-run towards the 61.8% Fibonacci Expansion (FE) of late March-May move, around 1.0265, will be in focus. On the contrary, a 21-DMA and 50-DMA confluence of 1.0610 appears to be a tough nut to crack for the bulls. Even if the EURUSD rises past 1.0610, a downward sloping resistance line from March, close to 1.0620, could act as an extra filter to the north before giving control to the bulls. Following that, a run-up towards the monthly high of 1.0773 can’t be ruled out. However, May’s peak near 1.0785 could challenge the pair’s upside moves afterward. Overall, EURUSD has more downside scope than the otherwise but the US dollar’s dormancy probes bears.
by MTradingGlobal
EURUSD bulls run out of steam ahead of ECBAlthough EURUSD battles a four-month-old resistance line, the lower high of prices contrasts with the higher high of the RSI (14) to portray a hidden bearish divergence and tease sellers ahead of the key European Central Bank (ECB) meeting. That said, the 21-DMA, around 1.0635 appears to be the immediate support to watch during the quote’s pullback ahead of welcoming the south-run. During the fall, the six-week-long horizontal area surrounding 1.0470-60 could act as the last defense of the buyers before directing the pair towards the yearly low marked in May around 1.0350. Meanwhile, 38.2% Fibonacci retracement of February-May downside, near 1.0785, and March’s low near 1.0805 seem the validation points for the EURUSD pair’s further upside, even if it successfully crosses the aforementioned resistance line near 1.0740. Should the major currency pair stays firmer past 1.0805, late April swing high and the 100-DMA, close to 1.0940, will lure the pair bulls. Overall, EURUSD’s latest rebound portrays the hawkish expectations from the ECB, failing to comply with the same can quickly drag the quote towards the south.
by MTradingGlobal
EURUSD stays on the bull’s radar despite recent pullbackEURUSD consolidates the biggest daily gains in nearly three months around a fortnight top during Tuesday. In doing so, the major currency pair retreats from a weekly ascending trend channel’s resistance line amid an overbought RSI. However, the quote remains beyond the 200-SMA and previous resistance line from late March, respectively around 1.0650 and the 1.0560. Adding strength to the 1.0560 support is the lower line of the aforementioned channel. It’s worth noting that the 100-SMA level of 1.0525 and April’s low of 1.0470 also challenge the pair’s weakness past 1.0560. On the flip side, a fresh run-up will aim for another battle with the stated channel’s resistance line, near 1.0710 at the latest. Also acting as the key upside hurdle is the 50% Fibonacci retracement of the March-May downside, close to 1.0765. In a case where EURUSD rises past 1.0765, the bulls can aim for late April’s swing high surrounding 1.0935. Overall, EURUSD bears need to stay cautious before taking any major positions as the quote is yet to defy the previous breakouts.
by MTradingGlobal
EURUSD’s bear flag hints at further fall in pricesAlthough the weekly channel restricts EURUSD moves while other major currency pairs portray heavy selling against the USD, the bearish flag formation joins downbeat MACD and RSI signals to keep sellers hopeful. Additionally favoring the pair bears is the sustained trading below a descending trend line from March, as well as the 200-SMA and a six-week-old horizontal resistance. However, the south-run needs a trigger and 1.0500 is the same to activate a theoretical slump targeting the 1.0000 psychological magnet. Though, lows marked during 2017 and mid-1999, respectively around 1.0340 and 1.0100, may act as intermediate halts during the anticipated fall. Alternatively, the upper line of mentioned flag, around 1.0650, acts as an immediate upside barrier during the corrective pullback. Following that, the previously stated descending resistance line and the 200-SMA, near 1.0730 and 1.0810 in that order, will act as additional barriers for the EURUSD bulls. It’s worth noting that the pair bears remain hopeful until the quote rallies beyond the multi-day-old horizontal hurdle surrounding 1.0950. To sum up, the EURUSD pair’s hesitance in declining isn’t an early sign of recovery in prices.
Short
by MTradingGlobal
EURUSD keeps bearish megaphone breakout on ECB dayEURUSD extends the early week rebound from a 22-month low, also holding the previous day’s break of a bearish broadening pattern as traders brace for the European Central Bank (ECB) monetary policy meeting. Given the recently improving MACD and RSI, the pair’s recovery moves are likely heading towards a six-week-old horizontal area between 1.1100 and 1.1125. However, the 100-SMA and multiple levels marked since January 25, respectively around 1.1190 and 1.1270, will challenge the pair buyers. Meanwhile, the resistance-turned-support line of the stated megaphone pattern, around 1.1015 at the last, will direct EURUSD towards a three-day-old ascending support line, close to 1.0920. In a case where the pair sellers conquer the immediate support, the latest multi-month low near 1.0800 and April 2020 bottom surrounding 1.0725 could flash on their radars. It should be noted, however, that the bears will have a tough time breaking the 1.0700 level, comprising the lower line of the megaphone and may bounce from the same should the fundamentals support. To sum, ECB is widely anticipated to keep the current monetary policy unchanged and may accept the fear of stagflation, mainly due to the Russia-Ukraine tussles. However, any positive surprises may trigger the short-covering moves as the quote trades near the multi-month low.
by MTradingGlobal
EURUSD bulls approach key hurdles as ECB loomsEURUSD extends bounce off a 19-month low, also comprising 61.8% Fibonacci Expansion (FE) of late September 2021 to early January 2022 moves, as traders await European Central Bank (ECB) monetary policy decision. With the recently high inflation and record low Unemployment Rate in Eurozone, the policy hawks are likely to dominate, which in turn could propel the major currency pair towards breaking immediate resistance, namely the 50-day EMA level surrounding 1.1340. However, a convergence of the 100-day EMA and a 14-week-old resistance line, around 1.1430-35, will be the key hurdle to cross for the confirmation of a short-term bullish trend. On the contrary, a surprise dovish ECB statement wouldn’t hesitate to pour cold water on the face of EURUSD bulls by dragging the quote back to November 2021 low near 1.1185. During the fall, the 1.1300 and the 1.1230 levels may act as buffers before dragging prices towards the 61.8% FE retest, around 1.1125. If the pair bears keep reins past 1.1125, the early May 2020 peak surrounding 1.1020 will pause the south-run targeting the 1.1000 psychological magnet. It should be noted that the ECB is widely anticipated to keep the benchmark policy rate unchanged at 0.0% and the monthly Asset Purchase Programme (APP) to €20 billion. In the last meeting, the ECB announced readiness to end the Pandemic Purchase Emergency Programme (PEPP) in March. For a smooth transition, the bloc’s central bank also unveiled an increase in the Q2 and Q3 APP to €40 billion and €30 billion respectively.
Long
by MTradingGlobal
EURUSD bears flexing muscles ahead of ECB Meeting AccountsEURUSD remains on the back foot so far during the current week, heading into the key ECB Monetary Policy Meeting Accounts. That said, the 200-SMA and an ascending trend line from November 24, respectively around 1.1320 and 1.1300, restrict the immediate downside of the major currency pair. Should the sellers manage to conquer the 1.1300 support, 1.1230 may offer an intermediate halt during the fall targeting 2021 bottom around 1.1185. It’s worth noting that the March 2020 high low near 1.1150 will probe the EURUSD pair’s weakness past 1.1185 before directing bears towards the 1.1000 psychological magnet. Meanwhile, the weekly resistance line, around 1.1380 at the latest, restricts the short-term rebound of the EURUSD prices. In a case where the quote rises past 1.1380, bulls will aim for 1.1430 and the monthly peak of 1.1485. If at all the EURUSD buyers keep reins past 1.1485, the latest bearish bias gets wiped out, which in turn propels the quote towards October 2021 high near 1.1690.
by MTradingGlobal