© Reuters. New lows on an annual EUR/USD
Investing.com – The bearish trend of the EUR/USD pair has once again been confirmed today with new lows on an annual 1.1234 this afternoon.
There are about dovish tone of Benoit Coeuré, member of the ECB, which has said that the economic downturn is stronger and more extended than anticipated.
It was also stated that new TLTRO are possible, and that this is currently under discussion within the ECB. It is noted that the TLTRO loans are short-term and low-interest granted to banks in the euro area, which is to be regarded as a measure of monetary easing.
In the Face of these statements, the EUR/USD pair, already in decline since this morning, was quick to react, dropping to new lows annual 2019 to 1.1234, 20 pips to the next support important, the low of last year at 1.1214.
However, in the end, the statements of Coeure, although dovish, did not bring innovations with respect to the official position of the ECB.
In addition, several statistics US disappointing results have been published this afternoon, with the index of import prices index of export price index, Empire State and industrial production, which have all turned out below expectations.
In this context, the Dollar is under pressure, and the EUR/USD is at the moment managed to stop his fall and bounce back slightly, but the trend remains bearish on the bottom.
From a technical point of view, the trend line is downward visible from the summit on Tuesday (1.1285 currently), the moving average 100 hours to 1.1291, and the psychological threshold of 1.13 are an important resistance zone, in which the bias will remain immediately bearish.
Above this threshold, the moving average 200 hours at 1.1326, and the resistance 1.1340-50 and the psychological threshold of 1.14 will be the next obstacles to take into account.
Has the decline, 1.1250, 1.1234 and 1.1214 are the first carriers to take into account.
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