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EUR/USD loses two long term support lines – very

The shocker decision from the ECB, that cut the main lending rate to 0.25% sent the euro plunging down across the board. On the daily chart, this fall is especially meaningful, as the pair convincingly broke below two long term uptrend support lines.

The first, more moderate line, began as resistance and then turned into very stubborn support. The pair was struggling with it lately. The second one is a stepper support line which provided support in recent days. This is how it looks like on the charts:

EURUSD technical break below two support lines November 7 2013 on ECB surprise decision for forex trading

ECB press conference live blog – Draghi explains shocking cut

Strong US GDP helps push EUR/USD lower

Support appears at 1.3325, followed by 1.3240. Resistance is at 1.3416. For more, see the EUR to USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.