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EURUSD – bears are taking a breather ahead of ECB policy decision

The Euro remains firmly in red and holding near last week’s low at 1.0725, following a sharp fall on Wednesday (the pair was down 1%).

Higher than expected US inflation in March, cooled market expectations for Fed’s first rate cut in June and provided strong boost to US dollar, deflating its major counterparts.

Market focus shifts to the next key event, ECB’s policy decision, due later today.

The central bank is widely expected to keep rates unchanged, and markets will look for ECB’s forward guidance, on hopes to get more details about the timing of the start of monetary policy easing.

Daily studies are in firm bearish mode and maintain negative near-term outlook.

Break of pivotal 1.0725/ 1.0695 support zone (Apr 2 low / Fibo 61.8% of 1.0448/1.1139 / psychological / Feb 14 low) to signal continuation of larger downtrend from 1.1139 (Dec 28 peak).

Broken Fibo 76.4% level (1.0762) reverted to initial resistance, with extended upticks to be capped by 10DMA (1.0800) to keep larger bears in play and offer better selling opportunities.

Res: 1.0762; 1.0800; 1.0829; 1.0867
Sup: 1.0725; 1.0695; 1.0656; 1.0611