The EUR/USD was seen to make a jump of 0.24% on Monday. Wednesday’s high would be the hurdle for the bulls. Key resistance at 1.17855 (200-hour SMA) and 1.19 (which is a psychological hurdle). Meanwhile, key support levels can be at 1.1753, which is Wednesday’s low and 1.1696 (August 3rd low).
Looming ahead today is the ECB meeting – will the outcome be dovish or hawkish? Expectations are high in the market on the grounds of falling inflation expectations and rising Euro. Broad market forecast also do not expect any rate changes.
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