• FxWirePro: EUR/USD lacks direction ahead of ECB, good to sell on rallies

    Source: FxWire Pro - Technicals / 11 Sep 2019 07:41:12   America/New_York

    EURUSD lacks direction and is consolidating in a narrow range between 1.10848 and 1.1015 for the past 4 trading days. The pair has a broken low of 1.0157 made yesterday and is currently trading around 1.10089.


    It is expected to trade range bound till the ECB policy meeting tomorrow. The central bank is expected to cut deposit rates by 20 bps and markets predicting more additional easing measures. So the chance of EURUSD breaking 1.10850 very low.


    On the higher side, the pair should break above 1.10850 for minor trend reversal and a jump till 1.1140/1.11780 is possible.


    The major support for the pair is at 1.1000 and any convincing break below targets 1.0960/1.0920. Bearish continuation only below 1.0920.


    It is good to sell on rallies around 1.1038-40 with SL around 1.10850 for the TP of 1.0925.


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