ECB Vice President Guindos said on Tuesday that the monetary policy of the ECB will be focusing on the economy and not the markets. His comments come ahead of the September 12 ECB meeting. The central bank has all but signaled its intentions to relaunch its QE program including possible rate cuts as well. The euro was however muted to comments while maintaining a downside bias.
EUR/USD Retests the Descending Wedge Breakout Level
The common currency quickly erased the gains made over the past few days. Price action is back, hovering near the descending wedge breakout level of 1.1098. If the EURUSD loses this handle, we expect to see further declines along the way. The next downside target is in the 1.1030 region.
