Dovish ECB Could Finally Make EURUSD Test 1.09000 Level!
Have a look at the main chart for the EURUSD Daily TF, where the BLUE horizontal lines represent concrete support and resistance levels taken directly from the Monthly TF. The orange horizontal lines represent the support and resistance taken from daily and weekly TF.
The 1.09000 level has not yet been tested on monthly charts, however the price did come close to testing it. Tomorrow's ECB meeting would likely make the price test this elusive level shall the message be dovish! Technically speaking, the daily TF chart shows a neat descending channel and should the daily candle close below 1.1000 level convincingly by end of the day, we could see the price gather pace towards the 1.09000 elusive support.
Fundamentally the markets have already priced in a dovish ECB outcome, however keep in mind the EUR is at a consolidation stage and ECB might just ignite the selling pressure and take this pair towards the 1.05 Support in the near future. In short both fundamental and technical picture are highly tilted towards a depreciation in the EURUSD.
This just represents my analysis. shall there be any trade entries (possibly tomorrow)i will post them in a new post. cheers
The 1.09000 level has not yet been tested on monthly charts, however the price did come close to testing it. Tomorrow's ECB meeting would likely make the price test this elusive level shall the message be dovish! Technically speaking, the daily TF chart shows a neat descending channel and should the daily candle close below 1.1000 level convincingly by end of the day, we could see the price gather pace towards the 1.09000 elusive support.
Fundamentally the markets have already priced in a dovish ECB outcome, however keep in mind the EUR is at a consolidation stage and ECB might just ignite the selling pressure and take this pair towards the 1.05 Support in the near future. In short both fundamental and technical picture are highly tilted towards a depreciation in the EURUSD.
This just represents my analysis. shall there be any trade entries (possibly tomorrow)i will post them in a new post. cheers
