EURUSD falls as traders rotate back toward support after ECB rate decision
The EURUSD has moved to a new day low on the rate statement and comments. The traders may be taking some profit after not getting a push after the rate decision and assurance of more hikes to come. Technically, the pair remains above a key support area between 1.09288 ann 1.0943. The 1.09288 was the igh price in Jnauary. The area between 1.0935 and 1.0943 goes back to March and April of 2022 where the market used the area as support and then resistance beofre moving lower (see post here). It would take a move below that area to disappoint the buyers to push the price higher yesterday and into today. This article was written by Greg Michalowski at www.forexlive.com.
The EURUSD has moved to a new day low on the rate statement and comments. The traders may be taking some profit after not getting a push after the rate decision and assurance of more hikes to come.
Technically, the pair remains above a key support area between 1.09288 ann 1.0943. The 1.09288 was the igh price in Jnauary. The area between 1.0935 and 1.0943 goes back to March and April of 2022 where the market used the area as support and then resistance beofre moving lower (see post here). It would take a move below that area to disappoint the buyers to push the price higher yesterday and into today.
This article was written by Greg Michalowski at www.forexlive.com.
