EUR/USD Slides After ECB Hold, Bearish Technicals Favor Rally Fades

EURUSD pared some of its gains after the ECB policy decision. It hit an intraday low of 1.13680 and is now trading at about 1.13711.

On July 23, 2026, the ECB maintained unchanged rates and kept the deposit facility at 2.25%, the principal refinancing rate at 2.40%, and the marginal lending facility at 2.65%, so making the action seem more like a data-dependent pause following June's hike than the beginning of a cut cycle. Should energy-led inflation resurface, markets will focus on whether the ECB leaves room for another increase; the front end of euro rates and EUR trade will depend on how hawkish the guidance sounds.

Major support- 1.13700/1.12946. Near-term resistance- 1.4380/1.14800/1.1500/1.1530.

It is good to sell on rallies around 1.1378-80, with an SL around 1.1435, for a TP of 1.1300.