EURUSD Under Pressure Ahead of ECB

EURUSD is 0.32% lower at 1.1234 as traders await the ECB’s decision later today with expectations for 0.10% interest rate cut and further quantitative easing in an attempt to offset the coronavirus impact in the economy. Confirmed cases increase in Europe with Italy in entire lockdown and the stores closed and Italian and Greek Yields continue to rise. Today reported 1075 new coronavirus cases in Iran as death toll rises to 429. The World Health Organization (WHO), declared yesterday that the coronavirus spread is now a pandemic amid the surge in cases across the globe.

On the technical side, the EURUSD trading lower for the third consecutive day as the pair corrects from the recent highs. The technical outlook is still positive as the pair holds above all major moving averages. On the downside, the first support for the pair is seen at 1.1226 the daily low. The next support level to watch on the downside stands at 1.1119 the low from March 5th

On the upside, immediate resistance for the EURUSD pair stands at 1.1332, the daily top. More offers for the pair might be met at 1.1366, the high from yesterday’s trading session. 

ECB's decision
EURUSD Daily Chart

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