The US Dollar is coming back in fashion following today’s ECB rate meeting, and it is making good progress against most of its peers. Against the Euro, the EURUSD traded below the October 23 low of 1.1105, which turns the short-term trend bearish as today’s lower is lower than the prior one. Today’s high is also lower than last week’s high of 1.1183 which completes the series of lower highs and lows. The trend will now remain bearish for the EURUSD as long as the price trades below today’s high of 1.1162, and the Euro could drift to the first Fibonacci retracement level of the rally from the October low at 1.1066, followed by the 50% correction level at 1.1030.
Other pairs like GBPUSD, AUDUSD, and NZDUSD also show signs of rolling over in the favor of the dollar.