A pressured EUR is waiting for ECB decision

The European Central Bank will announce its interest rates decision later today, deposit facility rate is expected to be unchanged at -0.50%. A press conference by President Lagarde will follow this announcement. Also, the European Commission will report the eurozone's October Economic Confidence Index, expected at 89.6.

From a technical point of view, on a daily chart, EUR/USD has struck against a former rising trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below 1.1900. The nearest threshold would be set at October bottom at 1.1685 and a second one would be set at September low at 1.1610.

Source: TradingView, GAIN Capital


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