Since today’s opening, the Euro is falling.
The focus of the markets today is the ECB meeting where the regulator is going to decide on interest rates change in the eurozone. Majority of economists think that rates and will remain unchanged at the current 0.05%. The ECB could take a break and wait for the interest rate decision in the US from the Fed that is going to be made on 28 October. However, ECB President Mario Draghi may hint on the program expansion in the eurozone in the light of the most recent data showing lack of growth.
Support and resistance
On the , the price has formed a contracting with its bottom side at the levels of 1.1210, 1.1110 that form a together with the levels of 1.1285 (23.6% Fibonacci correction), 1.1255. If this zone gets broken, the pair could fall to July lows at 1.0800.
The pair returned inside the range between the levels of 1.1380 (EMA200) and 1.1255 (EMA44 on the ), while a at 1.1500 (EMA50 on the weekly chart) remained untouched.
On the 4-hour and , OsMA and recommend short positions.
Support levels: 1.1285, 1.1255, 1.1210, 1.1135, 1.1085.
Resistance levels: 1.1380, 1.1450, 1.1500.
Pending sell orders can be placed at the level of 1.1290 with targets at 1.1255, 1.1210, 1.1135 and stop-loss at 1.1340.
Pending buy orders can be placed at the level of 1.1355 with targets at 1.1400, 1.1455, 1.1500, 1.1550, 1.1590 and stop-loss at 1.1320.
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