EUR/USD weakening ahead of ECB
This week will see everyone focus on Thursday’s ECB meeting and the expected easing around that.There is a good chance we will see the EUR/USD ease once more prior to that announcement.
However, for now, we remain within a clear uptrend and despite the pullback we are currently seeing, 1.0903 is the new support level that needs to be taken out for the uptrend to be negated.
Otherwise a failure to take Friday’s high of 1.1043 could precede another leg lower for a bearish view. Until that happens, the bullish view is tentatively intact, with the fundamental concerns growing with each passing day. Resistance levels of note are 1.0986, 1.1016 and 1.1043. Support levels are 1.0967, 1.0935 and 1.0903.