The EUR/USD pair is hovering close to a multi-month low and is holding steady above the key 1.1000 mark as traders await the upcoming European Central Bank (ECB) meeting. The pair’s current position reflects the ongoing pressure on the euro and the strength of the US dollar in the market.
Investors are closely monitoring the ECB meeting for any potential policy changes or guidance that could impact the pair’s movement. The euro has been struggling against the dollar in recent weeks, with concerns about the economic outlook in the Eurozone contributing to its weakness.
The 1.1000 level is seen as a key support level for the EUR/USD pair, and its ability to hold above this mark will be closely watched by traders. A break below 1.1000 could signal further downside for the pair, while a bounce back above this level could provide some relief for the euro.
Overall, the EUR/USD pair remains under pressure as traders await the ECB meeting for further direction. The outcome of the meeting could have a significant impact on the pair’s movement in the coming days.