{"id":105888,"date":"2020-10-15T21:17:44","date_gmt":"2020-10-15T20:17:44","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105888"},"modified":"2020-10-15T21:17:44","modified_gmt":"2020-10-15T20:17:44","slug":"104558-eur-usd-rebounds-after-failing-to-test-monthly-low","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\/","title":{"rendered":"EUR\/USD Rebounds After Failing to Test Monthly Low"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">EUR\/USD rebound from the weekly low (1.1720) despite an growing support from European Central Bank (ECB) officials to pledge additional support to the Eurozone.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EURUSD could retrace its decline from the yearly high (1.2011) as it breaks above the monthly opening range, while the Relative Strength Index (RSI) breaks out of the downward trend in place since late July.<\/span><\/p>\n<p><b>EUR\/USD REBOUNDS AFTER FAILING TO TEST MONTHLY LOW<\/b><\/p>\n<p><span style=\"font-weight: 400;\">EUR\/USD claws back declines from earlier in the month as the Euro outperforms versus its major peers. The pair failed to break through the monthly low (1.1696) undermines the downward trend as the ECB seems in no rush to change the path for monetary policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ECB board member <\/span><b><i>Francois Villeroy de Galhau<\/i><\/b><span style=\"font-weight: 400;\"> s points to the central bank relying on its current tools to support the Eurozone economy. However, he said that the Governing Council \u201cwill be ready to act further if needed.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dovish forward guidance is expected to stay as a V-shape recovery is as good as ruled out. However the ECB could stay on the side-lines at the next interest rate decision on October 29 given that the minutes from the September meeting reveals that the \u201cPEPP (Pandemic Emergency Purchase Programme) envelope would likely have to be used in full to provide the necessary accommodation to offset the downward impact of the pandemic on the path of inflation.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ECB could instead tweak its\u00a0 current tools as it was noted that \u201cfurther cuts in policy rates and changes to the conditions of the TLTROs (Targeted Longer-Term Refinancing Operations) were also part of the toolkit for providing additional monetary policy accommodation, if necessary,\u201d With few hints towards the use of non-standard measures the current market trend could hold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">traders have been net-short EUR\/USD since mid-May.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EUR\/USD rebound from the weekly low (1.1720) despite an growing support from European Central Bank (ECB) officials to pledge additional support to the Eurozone. EURUSD could retrace its decline from the yearly high (1.2011) as it breaks above the monthly opening range, while the Relative Strength Index (RSI) breaks out of the downward trend in [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5643,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1381],"tags":[1395,2412,1398],"class_list":{"0":"post-105888","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-usd","9":"tag-eur","10":"tag-eur-usd","11":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EUR\/USD Rebounds After Failing to Test Monthly Low - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"EUR\\\/USD Rebounds After Failing to Test Monthly Low\",\"datePublished\":\"2020-10-15T20:17:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/\"},\"wordCount\":302,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100662-gbp-eur-pound-declines-light-data.jpg\",\"keywords\":[\"eur\",\"eur\\\/usd\",\"usd\"],\"articleSection\":[\"EUR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104558-eur-usd-rebounds-after-failing-to-test-monthly-low\\\/\",\"name\":\"EUR\\\/USD Rebounds After Failing to Test Monthly Low - 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