Despite the positive macro statistics received on Tuesday from Europe, the EUR/USD could not strengthen. Moreover, on Tuesday, the EUR/USD pair fell, losing about 30 points, to the level of 1.1308. The general strengthening of the dollar and expectations about the ECB monetary policy contributed to the EUR/USD fall. The ECB is expected to maintain its current monetary policy and reduce expectations for growth of the European economy and inflation in the Eurozone. Many market participants expect the rate to be raised by the ECB no earlier than mid-2020. On Wednesday, the EUR/USD remains under pressure, bargaining near the local support level of 1.1300.
In the event of a breakdown of this support level, EUR / USD will move to targets at support levels of 1.1270 (December lows), 1.1215 (November and year lows), 1.1200, 1.1120, 1.1000. Purchases with targets at resistance levels 1.1455 (ЕМА144 on the daily chart), 1.1505 (ЕМА200 on the daily chart) are possible only after the breakdown of the resistance level 1.1360 (ЕМА200 on the 4-hour chart, ЕМА50 on the daily chart). The long-term bearish trend, which began in May 2014 near the 1.3870 mark remains.
Short positions are preferred.
Support Levels: 1.1300, 1.1285, 1.1215, 1.1120, 1.1000
Resistance Levels: 1.1342, 1.1360, 1.1455, 1.1505
