EUR/USD analysis for March 11 2021 - Potential completion of the ABC upside correction and further downside movement

ECB leaves key rates unchanged in March monetary policy meeting, as expected

Prior decision

Deposit facility rate -0.50% Main refinancing rate 0.00% Marginal lending facility 0.25% ECB reaffirms size of PEPP at €1.85 trillion PEPP purchase over the next quarter to be significantly faster ECB to buy flexibly according to market conditions This is done with a view to prevent tightening of financing conditions If favourable financing conditions can be maintained moving forward, full PEPP envelope need not be used PEPP envelope can be recalibrated if required

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is potential for the completion of the ABC upside correction.

Key Levels:

Resistance: 1,1960

Support levels: 1,1875 and 1,1840