FxWirePro: South Korean won falls as retail sales, industrial production data miss expectations; hits lowest level since August 2019
FxWirePro: EURUSD trades mildly lower after ECB monetary policy, major weakness below 1.10650
Major support- 1.10650
EURUSD declines slightly after ECB monetary policy. The central bank has kept its rates unchanged as expected. Markets focus on a first press conference by ECB President Christine Lagarde's at 13:30 GMT. The governing council has kept its asset purchase program (APP) at a monthly pace of $20 billion and to end shortly after ECB starts hiking rates. It hits a low of 1.10845 after policy and is currently trading around 1.10907.
German bund yield is trading weak for the past 1- week and spread between US 10-year and bund yield has widened slightly from 1.98 % points from 2.035 % points.
Technically, near term support is at 1.1065 and any violation below will drag the pair down till 1.100. Major bearishness only beneath 1.100 levels.
The significant intraday resistance is around 1.1140, any indicative break beyond targets 1.1180/1.1245/1.12885. The decline from 1.14122 will get over at 1.08848 only if pair breaks 1.12850.
It is good to sell on rallies around 1.1100 with SL around 1.1140 for the TP of 1.100.