Technical Analysis: EURUSD struggles to keep monthly trendline breakout on ECB day
With the 21-day EMA continues to challenge EURUSD buyers, the pair's break of monthly trend line fails to post any gains ahead of the key ECB meeting. While the European Central Bank (ECB) isn't expected to alter current monetary policy, market consensus favors the introduction of new measures to combat the coronavirus. As a result, the pair can take a bid following the announcement, which in turn could escalate the trend line breakout towards the mid-month top near 1.0990. However, 200-day EMA near 1.1050 could question the bulls afterward.
In a case where the quote maintains pullback from a 21-day EMA level of 1.0875, while also declining below the resistance-turned-support trend line of 1.0845, sellers can aim for 1.0800 ahead of Friday's low close to 1.0725. It's worth mentioning that the pair's sustained weakness past-1.0725 will help the bears to target the previous month's low near 1.0635.