© Reuters. The EUR/USD awaits the ECB meeting
After an attempted rebound yesterday, it is wait and see who dominates the EUR/USD this Thursday morning, traders are waiting on a firm footing for the ECB meeting this afternoon.
The expectations are dovish for the meeting of the ECB, which plays an important role in the fall of the Euro since the beginning of the week.
The consensus anticipates such a lowering of economic forecasts of the ECB, and it is not excluded that the Central Bank also points to a looming operation TLTRO.
Some analysts even argue that the ECB will change its guidance on the date of the first rate increase, to exclude any monetary tightening this year.
But whatever the decisions and announcements of the ECB, what is known is that the fate of the EUR/USD pair will depend on the meeting day, at least in the short term.
From a graphical point of view, it should be noted that the psychological threshold of 1.13 appears as an immediate support, before the low of yesterday at 1.1284, and then 1.1275, 1.1250 and 1.1233, the lowest annual 2019.
In the case of bounce, the first resistance zone is located at 1.1325, not far from the moving average 100 hours to 1.1330 before 1.1350, where is currently the moving average 200 hours.
Beyond that, we can start to consider purchasing, with the psychological threshold of 1.14 and the peak of the February 28 at 1.1419, as potential targets in a first time.
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