Today at 11:45 GMT we’ll know the interest rate decision from the European Central Bank, which currently holds the numbers at zero. Analysts don’t expect any major changes in the current economic policy’s stance from the central bank, as we have been seeing the current post-Brexit developments in terms of economy. BoE didn’t change their interest rates and most probably the ECB won’t do it. One of the topic to be on discussion probably will be the situation on Italian banks.
The technical picture for EUR/USD at H1 chart is still bearish and showing a consolidation below the 200 SMA. Currently, the pair is being supported by the 1.0987 level, where a breakout should open the doors to test the 1.0942 price zone. A dovish stance from ECB could send the pair towards the psychological level of 1.0900 approximately. In the another scenario, EUR/USD should break the 1.1041 level and that could push the pair towards the highs from July 15th.
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