Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EURUSD trades lower after ECB restarts QE, good to sell on rallies 

EURUSD has broken 1.1000 level after ECB cuts deposit rates by 10 bps and announced QE of 20 billion euros with effective from Nov 1. The central bank has introduced a two-tier system for negative rate policy. The pair hits low of 1.09551 and is currently trading around 1.09626.

US 10-year yield lost more than 4% from the high of 1.749% and spread has slightly narrowed to 3 bps from 5 bps.

On the flip side, major support is around 1.09250 and any violation below targets 1.0880/1.0850.

The near term resistance is around 1.100 and any break above will take the pair till 1.1030/1.1070. Bullish trend continuation only above 1.10850.

It is good to sell on rallies around 1.0978-80 with SL around 1.1030 for the TP of 1.0855.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.