EUR/USD sell-off interrupted by ECB rumours
Yesterday saw EUR/USD fall sharply, in line with the bearish sentiment that has been driven by the wider longer term picture. However, the release of a Bloomberg article referencing a more hawkish mentality at the European Central Bank (ECB) subsequently sent the pair higher.
Crucially we have not seen price break above the more recent swing high at $1.1251 and as such, another bearish reversal lower seems likely today. Given the existence of trendline resistance alongside the continued creation of lower highs, a bearish view remains in play for a move into the $1.1123-$1.1150 support zone.
An hourly close above $1.11251 and in particular $1.1279 would negate this view.