EUR/USD struggles to maintain support at 1.1100 after five straight losing sessions, with traders awaiting the European Central Bank's interest rate decision on Thursday.
The EUR/USD pair is exhibiting significant bearish momentum, having recorded five consecutive daily losses leading up to the upcoming European Central Bank (ECB) policy decision. The currency pair is currently testing critical support levels near 1.1100, a price point it has visited twice in October, suggesting that market participants are cautious ahead of the central bank's announcement.
The pair is trading just above 1.1100, a support level tested on October 14 and again on Wednesday.
The primary driver is the European Central Bank's policy decision scheduled for Thursday.
The Euro faces significant downward pressure as it trades near the 1.1100 level, marking a critical support zone tested twice this month. Following five consecutive sessions of losses, market participants are bracing for the European Central Bank's upcoming policy announcement on Thursday.
The pair is under pressure due to five consecutive losing sessions and uncertainty surrounding the upcoming European Central Bank policy decision.
The Euro is currently hovering just above the 1.1100 level, which has acted as a support floor on two separate occasions this month.