12.03 - EUR/USD falls below 1.13 after Trump's travel ban
- by George Solotarov
EUR/USD is falling below 1.13 following Trump's speech, in which he announced a travel ban on Europe and failed to impress markets with stimulus amid the coronavirus outbreak. The ECB may ease policy in its decision today.
EUR/USD is trading within a downtrend channel and is tackling the top edge of it at the time of writing. Momentum on the four-hour chart has turned to the downside but the currency pair trades above the 50, 100, and 200 Simple Moving Averages.
Resistance awaits at 1.1360, a high point earlier this week, followed by 1.1410, a line dating back to 2019, and 1.1495, 2020 high.
Support is at the daily low of 1.1250 – which also converges with the 50 SMA. It is followed by 1.1215, a high point from earlier this month, and by 1.1180, another stepping stone on the way up.