Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.28765)
The European Central Bank (ECB) held its first TLTRO operation today. It is a targeted lending operation and it failed. Banks too only €82.6 billion in targeted loans. We had expected them to take at least €150 billon. After the sale, the euro sold off. Traders remain strongly sold and the news of the failed cash injection was not helpful. Buyers remain on the sidelines.
Technically speaking, our analysis remains valid from earlier. We see near term support near 1.2860 as well as a former resistance now support at 1.2995. We remain decidedly bearish right now looking for a bullish reversal sign.
