The EUR/USD pair weakened on Wednesday, as investors awaited Thursday’s meet whether ECB President Mario Draghi will give any indications that the central bank will begin tapering its bond purchase program. The ECB is ex…
The EUR/USD pair weakened on Wednesday, as investors awaited Thursday’s meet whether ECB President Mario Draghi will give any indications that the central bank will begin tapering its bond purchase program.
The ECB is expected to discuss technical changes to its asset-buying scheme but a decision could be deferred until December when the bank will also decide whether to extend the scheme beyond March.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1057 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.0994 a break above will take the pair towards next resistance level at 1.1028.
To the downside, immediate support can be seen at 1.0960 levels, a break below will open the door towards next level at 1.0920.
