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Christine Lagarde’s Comments Weakened Interest in Buying European Currency

The EUR / USD pair on the eve updated the monthly minimum of trading, responding to the statements of the head of the ECB Christine Lagarde.

 

At the final press conference, the head of the ECB quite strongly spoke out for the need to implement more stimulating policies to support the economy amid the spread of the second wave of the coronavirus pandemic. Lagarde noted that in December, when the new forecasts of the ECB will be formed, the regulator will revise the monetary policy and leave the doors open to reduce the interest rate. Many experts doubted that the ECB would take such drastic measures, but it is clear that at the last meeting in 2020, the ECB will increase the asset purchase program.

 

The news about the spread of COVID-19 in the EU continues to exert serious pressure on the European currency. Today, the Robert Koch Institute reported that on Thursday, a record number of cases per day was recorded in Germany - 18 681 people. Angela Merkel warned that the health care system is now working on the aisle and once again urged citizens to comply with quarantine measures. Over the past 10 days, the number of patients in intensive care units has doubled. The epidemiological situation in other EU countries remains difficult.

 

Today in the economic calendar it is worth paying attention to the publication of preliminary data on the GDP of Germany and the EU for the 3rd quarter and the consumer price index in the EU for October.

 

Bearish signals still prevail. The price yesterday pushed through the support at 1.1700. The next target for the bears is the level 1.1635. A decline under 1.1610 should not be ruled out.

 

  • Resistance levels: 1.1700, 1.1755, 1.1785.

 

  • Support levels: 1.1635, 1.1600, 1.1500.

 

The main scenario - an increase to 1.1700 and a fall to 1.1635.

 

Alternative scenario - ф consolidation above 1.1700 and recovery to 1.1755.

 

The current fundamental outlook is moderately negative. We consider shorts from the level of 1.1700.

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