Euro continued to weaken in the early Friday trading. The outlook for European Central Bank’s policy and the weakening of US Dollar overwhelmed the impact of a stronger stock market and the increase in US Treasury bond yield. The European Central Bank announced that it will maintain interest rates for its main refinancing business, with marginal lending and deposit rates unchanged at 0.00%, 0.25%, and -0.50%, respectively. This quarter's emergency purchase plan (PEPP) will be higher than the rate of the first few months. Lagarde emphasized that the European Central Bank is committed to achieving a new target of 2% inflation. The dovish stance of the European Central Bank may restrain the future trend of Euro. From a technical perspective, Euro’s daily candle is still in a downward trend and show no bullish signal. H4 graph showed that the structure of the channel is maintained, and all indicators show bearish signs. Overall prioritise Sell on High on fluctuation zone. The graph below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 1.1750.
Resistance: 1.1800-1.1825-1.1850
Support: 1.1750-1.1700-1.1600
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