EUR/USD declines due to expectations of an ECB rate cut.
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The Euro dropped 0.44% on Monday, continuing its downward trend after breaking the 1.1100 support level. Expectations of an ECB rate cut on September 12 have weighed on EUR/USD.
As shown on the chart, the EMA 34 is confluent with resistance at 1.10761, so traders may consider selling when the price reaches this resistance area. Additionally, the break of support further confirms the strength of the bearish side.
Therefore, I suggest taking profits at TP 1 around 1.09565 and TP 2 at 1.09224.
Traders should monitor further economic events and price action at critical support levels to determine the next trend.
As shown on the chart, the EMA 34 is confluent with resistance at 1.10761, so traders may consider selling when the price reaches this resistance area. Additionally, the break of support further confirms the strength of the bearish side.
Therefore, I suggest taking profits at TP 1 around 1.09565 and TP 2 at 1.09224.
Traders should monitor further economic events and price action at critical support levels to determine the next trend.
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