In this article, we will cover EUR currency pairs and its possible direction after the ECB meeting held today.
The EUR/USD is in the consolidation triangle below the 34 and 100 SMA 1.06433 and 1.06614 level respectively. Look this as a strong downside support for the downside extension into 1.02430 level. Looking at this medium-term downtrend look for short entries only, if the pair holds this zone.
The EUR/GBP has briefly broken above the falling trend line 0.8600 level but it is still in the possible H&S as long as it is below 0.8740 level. The pair could be open for trades on both sides long/short. Long entries only in the case of the daily close above 0.8740 level. Util then short trades are in play with SL above this level.
The EUR/NOK is reaching the 200 SMA test 9.1230 level after the break below strong 8.9000 level. Rejection from 200 SMA could lead to another downside extension into 8.9000 and further into 8.7530 level. Look for short entries on this pullback because the pair is in the medium-term downside channel.
Happy trading! (click on the chart to enlarge it)
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