Sun, May 22, 2022 @ 11:26 GMT
HomeContributorsTechnical AnalysisEURO Strongly Bearish Below 1.1660

EURO Strongly Bearish Below 1.1660

The euro fell sharply against the U.S dollar, hitting 1.1624, following a more dovish than expected monetary policy statement from the European Central Bank. The euro sunk over 1.4 percent, as the ECB announced that they had a preference for open-ended quantitative easing. At present, the EURUSD pair trades around the 1.1638 level, ahead of the upcoming release of third fiscal quarter GDP figures from the U.S economy.

The EURUSD pair remains strongly bearish while trading below the 1.1660 technical levels. Further declines towards 1.1610 and 1.1580 should be expected while below this level.

Should intraday EURUSD buyers push price-action back above the 1.1660 level, the euro will likely move to test the 1.1679 and 1.1713 levels.

OctaFXhttp://www.octafx.com/?refid=871837
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.

Featured Analysis

Learn Forex Trading