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Euro under pressure ahead of key ECB Monetary Policy decision – EUR/USD Market Outlook – 29/10/2020

With COVID-19 cases rising and several European countries applying new lockdown measures, the ECB is once again under pressure to increase monetary stimulus support. The single currency’s sell-off will likely gather pace if the ECB confirms a December stimulus. Apart from the central bank’s rate decision, the US Q3 GDP figure, the weekly US jobless claims, and the broader market sentiment could influence the haven demand on the US Dollar. The path of least resistance remains to the downside as the bears will be looking to test the 1.1690 support.

Support: 1.1725/ 1.1690
Resistance: 1.1770/ 1.1795

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Thursday, 29 Oct, 2020 / 9:10

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/euro-under-pressure-ahead-of-key-ecb-monetary-policy-decision-eur-usd-market-outlook-29-10-2020

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