Short-Term EURUSD Turns Bearish Post ECB Rate Meeting

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Written By: Alejandro Zambrano

Oct 24, 2019, 16:22 BST 16:22

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Summary:

EURUSD turns lower as the USD makes a comeback against most currencies. Read our update to find out what levels traders are watching.

The US Dollar is coming back in fashion following today’s ECB rate meeting, and it is making good progress against most of its peers. Against the Euro, the EURUSD traded below the October 23 low of 1.1105, which turns the short-term trend bearish as today’s lower is lower than the prior one. Today’s high is also lower than last week’s high of 1.1183 which completes the series of lower highs and lows. The trend will now remain bearish for the EURUSD as long as the price trades below today’s high of 1.1162, and the Euro could drift to the first Fibonacci retracement level of the rally from the October low at 1.1066, followed by the 50% correction level at 1.1030.

Other pairs like GBPUSD, AUDUSD, and NZDUSD also show signs of rolling over in the favor of the dollar.

For more on the ECB rate meeting read: EURUSD Goes Up and Down On Draghi’s Presser and ECB keeps rates unchanged, EURUSD lower ahead of Draghi.

Written By: Alejandro Zambrano

Alejandro Zambrano combines extensive professional experience and a pragmatic attitude to trading, building clients’ understanding of the markets and the rationale behind investing. Zambrano was the Chief Market Strategist of the FCA regulated broker, Amana Capital. Prior to that, he was also the Head Analyst at FXCM’s London research desk. Interact with Alex via Twitter at @AlexFX00.