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EUR/USD selloff extend before ECB?
This morning is seeing selling take hold in EUR/USD despite an early rally. The pair has been trending downwards ever since hitting the crucial $1.1059 resistance level yesterday. That level has been a key source of resistance over recent months, most notably marking a top in December.
As such, there is a good chance we could see the pair sell off heavily from here as we head into tomorrow’s European Central Bank (ECB) meeting. For now, another intraday leg lower seems likely, with a closed hourly candle below $1.0940 needed to indicate the market is set to extend the selling towards $1.0903 and $1.0881 support levels.
Alternately, an hourly closed candle above $1.1011 would negate the bearish view, with $1.1059 the next key resistance.