100-day moving average offer support

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  • EUR / USD finds initial support at the 1.1650 region.
  • Bets on a deeper pullback continue to pick up pace.

The EUR / USD navigates through the zone of monthly lows in the 1.1650 area, always under pressure amid a context of risk aversion.

A continuation of the downtrend seems likely in the very short term. A break from the recent lows around 1.1650 should enable a bearish move towards the September low near 1.1610. The recent dovish message from the European Central Bank somewhat reinforces this view.

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Looking at the broader scenario, the EUR / USD bullish bias is expected to remain unchanged as long as the pair trades above the critical 200-day moving average, today at 1.1313.

EUR / USD day chart


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Credits: Forex Street

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