The European Central Bank (ECB) decided to leave the interest rate unchanged, in line with the analyst consensus. To support the economy which suffers from the second wave of the virus, ECB expanded its pandemic emergency purchase programme by 500 billion euro. This move did not put any pressure on the euro which moved higher against the U.S. dollar.
Other than that, if there is no Brexit deal that could be a bit of a shock. At the end of the day it really does not matter because it will only invite more buying at lower pricing. Furthermore, the U.S. is more than likely going to announce the stimulus updates, and that could weigh upon the greenback. The U.S. dollar is oversold in the short-term, so that probably gives us an excuse to pull back.
The EUR/USD is trying to settle above the resistance level at 1.2155. If this is a successful attempt, EUR/USD will move towards the next resistance at the recent high at 1.2175.
A successful test of this level will open the way to the test of the next resistance at 1.2220. In this case the EUR/USD manages to settle above the resistance at 1.2220, it will move towards the resistance at 1.2250.
FOLLOWME Overall Sentiment (As of 6:40 p.m.)
As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards short-selling. with a ratio of 59.6% while the rest of 40.40% is long position.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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