25.08.202109:41 Forex Analysis & Reviews: EUR/USD. Will the ECB support the euro's growth this week?

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Last week, the European Central Bank (ECB) kept the national currency from falling further. Today is Wednesday and it will bring new operations on the open market.

The start of trading on new transactions will be at 7:30 UTC. We will take the movement relative to this level as a basis for the next five days. Today, it can be stated that the last three days of the EUR/USD pair's growth remain an impulse for now. Keeping the price above the 1.1700 level will allow us to continue working in the upward direction.

The growth indicates a fairly large number of pending orders for the sale of euros. To break the upward movement, it will be necessary to hold the closing level of yesterday's trading and form an "engulfing" pattern of the daily order. In this case, short positions will become the main ones until next Wednesday.

It is important to understand that the new reference point that will be formed today will be the starting level for building a trading plan, both within the day and in the mid-day. The long-term momentum remains bearish, so fixing purchases is mandatory at significant resistance levels.

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