EURUSD moves lower after ECB raises rates by 25 basis points

EURUSD moves lower after ECB raises rates by 25 basis points

EURUSD again beneath its 100/200 hour shifting averages</p>

The EURUSD initially moved greater however fell in need of its excessive for the day after the central financial institution increase rates by 25 basis points. The excessive worth reached 1.07469, however reversed shortly falling to a brand new low for the day at 1.06909.. The low worth from final week reached 1.06854.

Technically, the transfer to the draw back fell beneath its 200 and 100 hour shifting averages at 1.07349 and 1.07312 (inexperienced and blue strains within the chart above). Admittedly, the worth has traded above and beneath these shifting averages over the previous few days (together with immediately) as merchants awaited the rate of interest determination. Nevertheless, they nonetheless characterize upside resistance. Staying beneath these shifting averages tilts the bias extra to the draw back.

A transfer beneath the low from final week, would take the worth to the bottom degree since June. The low worth from the top of May reached 1.0635. The 38.2% retracement of the transfer up from final 12 months’s low cuts throughout a 1.0610.

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