EURUSD Trending Lower On Heels Of ECB
- ECB Announced 60 Billion Euro Monthly Bond-Buying Program
- More than expected, EURUSD moving lower
- Near-term trend remains bearish inside month long channel
This morning the ECB announced a bigger than expected Bond-Buying program (60bln EUR per month), the EURUSD reaction has been negative. The trend since May of 2013 has been decidedly down, now trading at levels not seen since 2003. The near-term picture shows the EUR trading in a channel dating back to December. The bears will remain in control as long as price stays contained in this channel.
EURUSD 4-hr: Oct ’14 – Present
--- Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.