Current trend
EUR shows insignificant growth against USD during today's Asian session, developing a weak corrective impetus formed yesterday. Since the beginning of the week, EUR has been actively declining, like most other currencies paired with USD, waiting for new drivers to appear on the market.
Yesterday, investors were focused on the results of the meeting of the European Central Bank (ECB) on the interest rate, which was expected to clarify the issue of reducing the existing incentives. The key interest rate remained unchanged at zero level, while the deposit rate remained at the level of –0.5%. As for the volume of ECB's pandemic emergency purchase program (PEPP), it has also been kept at the same level of EUR 1.85T. The volume of the quantitative easing program is supposed to remain unchanged at least until March, provided that the existing economic and epidemiological risks remain. As before, the European regulator promised to closely monitor the development of the situation and immediately take measures if necessary.
Support and resistance
Bollinger Bands in D1 chart show weak growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic keeps a downward direction but is already approaching its lows, which indicates the risks of oversold EUR in the ultra-short term.
Resistance levels: 1.1849, 1.1900, 1.1950, 1.2000.
Support levels: 1.1800, 1.1741, 1.1700, 1.1657.
EUR shows insignificant growth against USD during today's Asian session, developing a weak corrective impetus formed yesterday. Since the beginning of the week, EUR has been actively declining, like most other currencies paired with USD, waiting for new drivers to appear on the market.
Yesterday, investors were focused on the results of the meeting of the European Central Bank (ECB) on the interest rate, which was expected to clarify the issue of reducing the existing incentives. The key interest rate remained unchanged at zero level, while the deposit rate remained at the level of –0.5%. As for the volume of ECB's pandemic emergency purchase program (PEPP), it has also been kept at the same level of EUR 1.85T. The volume of the quantitative easing program is supposed to remain unchanged at least until March, provided that the existing economic and epidemiological risks remain. As before, the European regulator promised to closely monitor the development of the situation and immediately take measures if necessary.
Support and resistance
Bollinger Bands in D1 chart show weak growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic keeps a downward direction but is already approaching its lows, which indicates the risks of oversold EUR in the ultra-short term.
Resistance levels: 1.1849, 1.1900, 1.1950, 1.2000.
Support levels: 1.1800, 1.1741, 1.1700, 1.1657.