EURUSD rose last Thursday following the ECB meeting as the governors were not in agreement that moving forward with more QE is the solution to the Eurozone's economic struggles. However, the currency pair failed to break the key resistance level at 1.112 and has since been dropping helped by stronger than expected US retail sales which came through at 0.4% vs 0.2% forecast. Additionally, USD Michigan consumer sentiment came through at 92 vs 90.8 forecast and we see further downside pressure on EURUSD despite an expected 25bps rate cut at the FED meeting on Wednesday.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.