EUR / USD continues to decline in the long-term bearish trend, trading in downward channels on the daily and weekly charts.
Earlier this month, EUR / USD tested the lower border of the downward channel on the weekly chart near 1.0960 mark.
In the case of the adoption of significant mitigating measures by the ECB today, the EUR / USD pair will again go “south” with the immediate goal at this mark.
The strength of the negative impulse today will entirely depend on the decisions taken by the ECB.
If the ECB does not live up to market expectations and declares a less aggressive stimulus policy, then the EUR / USD pair after a short-term decline may resume corrective growth in the direction of resistance levels 1.1210 (ЕМА144 on the daily chart), 1.1260 (ЕМА200 on the daily chart), 1.1285 (Fibonacci level 23.6% of the correction to the fall from the level of 1.3900, which began in May 2014).
Growth above these resistance levels is unlikely. The long-term negative dynamics of EUR / USD prevails. Breakdown of the local support level of 1.0960 will provoke a deeper decline in EUR / USD.
Nevertheless, since 11:45 and after 12:30 (GMT) one should be prepared for a surge of volatility in the entire financial market, and above all, in the EUR / USD pair.
Support Levels: 1.1000, 1.0960, 1.0940, 1.0900
Resistance Levels: 1.1030, 1.1090, 1.1115, 1.1210, 1.1260, 1.1285
Sell Stop 1.0980. Stop-Loss 1.1060. Take-Profit 1.0960, 1.0940, 1.0900, 1.0800
Buy Stop 1.1060. Stop-Loss 1.0980. Take-Profit 1.1090, 1.1115, 1.1210, 1.1260
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