EUR/USD: Still under bearish pressure below 1.1800
EUR/USD is probably the most important currency pair to watch ahead of ECB Monetary Policy Statement. Since last Thursday this currency pair prints a strong bearish trend, as all eyes remain on the key ECB Press Conference. The market’s cautious sentiment ahead of the week’s key events, mainly the meeting of the European Central Bank (ECB) seems to probe risk appetite, as well as EUR/USD traders, by the press time.
EUR/USD bears attack an upward sloping support line from November 2020, around 1.1775. However, the lower line of the monthly falling wedge bullish chart pattern, around the 1.1700 thresholds, will challenge the pair’s weakness below the stated trend line support. On the contrary, a surprise up-move, or consolidation, needs to cross the wedge’s upper line at 1.1835 to renew bullish hopes targeting the 200-DMA level of 1.2008.