EURUSD Lower after ECB Cuts Deposit Rates 10 bp
EURUSD is trading 0.35% lower at 1.0979, after ECB Cuts Deposit Rates 10 bp to -0.50% EURUSD negative momentum deploys as the pair brakes below all major hourly moving averages. Bears are in control for the medium term as the pair trades below the daily moving averages.
Important support now stands at 1.0960 daily low, a break below will encourage more bears to join the action and drive the price down to 1.0925 YTD lows and then the 1.0838 low from May 11th 2017.
On the upside, immediate resistance stands at 1.1068 today’s high, a break above can lead prices up to 1.11 and then at 1.1131 the 50-day moving average. Short positions can sit comfortably as long as the pair trades below the psychological 1.10 mark.