The pair slows down his fall this morning after the powerful bearish post-ECB.
In effect, the ECB meeting yesterday has had a downward impact on the Euro on the Forex, for the break of the support zone of the 1.1720/1.1680, before taking the threshold of 1.660.
As expected, this caused an acceleration downward in the direction of 1.1620, where EUR/USD is currently holding back.
While we lack signs of a rebound at this stage, with an evolution under the threshold of 1.1650, a continuation of the decline towards the next support around 1.1580 still seems to be possible in intraday.
Below 1.1580, we will then 1.1550 and then 1.1500, but these thresholds could be out of reach in the immediate future.
Has the upside, a return above 1.1660 could ease the downward pressure immediate, while a break above the area of 1.1680/1.1720 is necessary in order to find risk reversal bullish short-term.
Overall, while EUR/USD pauses for a moment, and that a consolidation could take the form by the weekly close, a fall to 1.1580 would not be surprising.
On the economic calendar today we will follow the GDP in the US in Q3 and consumer confidence according to the University of Michigan.
The pair EUR/USD is currently trading at 1.1625 on the Forex.
Chart EUR/USD H1
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This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.