The EUR/USD pair initially fell during the day on Wednesday, testing the 50-day exponential moving average. By doing so, looks as if we are going to try to reach towards 1.0750 level above, which I think is significant resistance. Alternately, if we can break down below the moving average, I think the market will continue to go lower. Keep in mind that the ECB has an interest rate announcement today, and more importantly a press conference. Ultimately, I don’t think much changes but because of this I will be watching the chart to discern the next move.
Written by FX Empire