EUR/USD looks likely to touch the previous october 1st lows of 1.09000. Price broke through the support trend line on the Daily timeframe. Also the price is firmly below the three moving averages( 50, 100 and 200) which suggest that this market is in a downtrend.
Last week, we had the European Central Bank Monetary policy and rate decision. Overall the event was Dovish or negative following President Christine Lagarde's comments.
When we drop to the 4Hour timeframe we could see that price bounced off the 1.09989ish level and it is approaching that level again. A break below this level could expose 1.09057 which is shy of 90 pips for a risk of 45 pips.
Stay tuned for updates for this currency pair.d
Last week, we had the European Central Bank Monetary policy and rate decision. Overall the event was Dovish or negative following President Christine Lagarde's comments.
Stay tuned for updates for this currency pair.d