EUR/USD Waiting at the 50 SMA Ahead of the ECB

EUR/USD has climbed 200 pips this week, as we await the ECB today

Written by: Skerdian Meta • Thursday, March 11, 2021 • 1 min read

• Last updated: Thursday, March 11, 2021

The retrace seems to be over on the H4 chart

EUR/USD turned bearish in February, as the decline in the USD ended after about a year and the surge in this pair ended at 1.2350s. Although, the decline picked up pace in March and EUR/USD fell below 1.19.

But, in the last two days we have seen this pair retrace higher, which has taken the price around 200 pips higher. Buyers found resistance at the 20 SMA (gray) on the H4 chart initially, but pushed above it yesterday.

Today, the 50 SMA (yellow) is acting as resistance on the H4 chart, after this pair popped higher earlier this morning. The European Central Bank interest rate decision and statement will be releases soon, so let’s see where they will take the Euro.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.