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EUR/USD Slides Below 1.1200, Awaiting Tentative ECB Meeting Results

EUR/USD Slides Below 1.1200, Awaiting Tentative ECB Meeting Results

EUR/USD dropped yesterday from 1.1233, clocking a low 1.1189 after receiving a positive news on the U.S. dollar. Traders were awaiting the German factory orders at 7 AM GMT, which came disappointing. As a result, the euro continues to suffer facing the greenback.

EUR/USD still has a chance to redeem itself as financial analysts await the ECB meetings results as they hint for rising Euro-zone government bonds, and later on U.S payroll data due on Friday. These two reports will give a better picture on how the trend of the EUR/USD will move, also because there are crucial news on the U.S. market.

Trend: Bearish

Key levels to watch: Daily PP 1.1210

First resistance: R1 1.1214, 1.1242, R3 1.1255, R4 1.1279 H4

First support: S1 1.1191, S2 1.1177, S3 1.1154, S4 1.1137 H4

Remark: Trend is most likely bearish, but an opposite shift might take switching roles due to crucial news on the EUR and USD today and continues tomorrow.

Look forward first today ECB meeting at 12:30 PM GMT, later on today 1:30 PM GMT U.S. Unemployment claims. Tomorrow at 1:30 PM GMT U.S Average Hourly Earnings and Non-Farm Employment Change.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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