EURUSD BEARISH HEADING INTO ECB MEETING
The euro remains under selling pressure against the US dollar after the German IFO survey for the month of October came in much weaker than expected. The EURUSD pair continues to trade below the neckline of a bearish head and shoulders pattern heading into the US session. Directional traders now await a clear break from the 1.1380 to 1.1431 price range, with the ECB interest rate decision and policy statement likely to be the main market mover for the single currency.
The EURUSD pair remains strongly bearish while trading below the 1.1431 level, key technical support is found at the 1.1380 and 1.1300 levels.
If the EURUSD pair holds moves above the 1.1431 level, key intraday resistance is found at the 1.1480 and 1.1500 levels.