EUR/USD still under pressure as calls for ECB to cut by 0.50% tomorrow grow louder

As just noted in the previous update looking at the EUR/GBP, the calls for the ECB to act more aggressively on monetary policy tomorrow have gotten a lot louder in recent days. So, a growing number of analysts are calling for a 0.50% rate reduction tomorrow (12.15pm GMT) . However, the consensus is still in place for a 0.25% reduction. Now ahead of that policy decision, the EUR/USD has been unable to hold any rebounds and we saw that again yesterday. The EUR/USD lifted from a European morning low, at 1.0885, to 1.0917 later in the afternoon. However, it was not able to hold that modest rebound and later fell back to set a fresh interim low after the European close, at 1.0882. The EUR/USD closed in the US at 1.0893. It has matched that interim low this morning, but so far that is holding the downside and the reader is again reminded of the presence of the 200 day moving average. That is still in place at 1.0874. The high seen so far today has been set at 1.0896. So, it looks like 1.0874 and 1.0917 are the immediate price levels of note today. If the ECB does cut by 0.50% tomorrow, then we should probably expect the downside level to crack. The EUR/USD is currently trading at 1.0889