EUR/USD Price Chart Setups & Trade Levels

  • DXY Index dropped to session lows as the US Dollar sank in response to a monetary policy update from the Federal Reserve

  • EUR/USD at risk of reversal considering the ECB meeting on deck might send the Euro lower against its US Dollar peer



EUR/USD continued its rebound since the most liquid and heavily traded currency pair plunged below 1.08 as the EU Summit failed to deliver a coordinated coronavirus stimulus response last week. The possible bullish H&S on intraday chart (hourly) at potential for a bigger advance if upward momentum gains pace and sees follow-through $1.09.


Although, with the European Central Bank on deck to provide markets with its own monetary policy update, spot EUR/USD price action could whipsaw back lower. EUR/USD might reverse if the ECB meeting reveals the central bank intends on boosting its bond buying program or other increasingly accommodative monetary policy measures (watch your risk exposure).


The currency pair has not been able to cross above the 1.0900 area since it fell below it near the middle of the month. A bullish push higher is likely to trigger some stops and catch some bears off guard.


Support for the session ahead is found at 1.0830.



Good Trading,

Dom

Dominik Stone

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