EUR/USD: Still under bearish pressure below 1.1800

share it:
Share on facebook
Share on twitter
Share on pinterest
Share on email

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.

ABOUT THE AUTHOR
WISE TRADE

JOIN OUR PREMIUM TELEGRAM GROUP!

YOU CAN FINALLY BE A SUCCESSFUL TRADER

Try our 14 day free trial and see by yourself how it is easy to become elite trader when you are guided by experienced professionals