A pressured EUR is waiting for ECB decision

The European Central Bank will announce its interest rates decision later today.

EU (1)

The European Central Bank will announce its interest rates decision later today, deposit facility rate is expected to be unchanged at -0.50%. A press conference by President Lagarde will follow this announcement. Also, the European Commission will report the eurozone's October Economic Confidence Index, expected at 89.6.

From a technical point of view, on a daily chart, EUR/USD has struck against a former rising trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below 1.1900. The nearest threshold would be set at October bottom at 1.1685 and a second one would be set at September low at 1.1610.

Source: TradingView, GAIN Capital


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