Overall, EUR/USD is trending downwards. Recently, EUR/USD has started trending downwards as well, breaking out of the recent range. Yesterday evening, ECB’s Olli Rehn commented that it is important that the ECB come up with a “significant and impactful policy package” in September, with possibilities such as more bond purchases and interest rate cuts, thus further weakening the euro.
EUR/USD is currently testing to break the key level of 1.11 downwards. It is moving towards the support level of 1.10400 and its next resistance level is at 1.12750.