The pair continues falling amid strengthening in the US Dollar, which is supported by the expectations of an interest rate hike in the US in coming months.
In addition, the Euro remains under pressure prior to the ECB meeting. Experts assume that monetary policy will remain unchanged because the quantitative easing program was already significantly expanded in March. The main reason for concern for the regulator is still low inflation, which is having an adverse effect on the economy of the eurozone. And if the current tendency continues, the ECB might have to apply additional stimulus measures that would increase pressure on the Euro.
Support and resistance
The nearest support levels is at 1.1097. The nearest resistance levels is at 1.1175.
Trading tips
Short positions can be opened from the level of 1.1097 with the target at 1.1045 and stop-loss at 1.1125.