Get started
Euro / U.S. Dollar

EUR/USD- Another attempt at 1.14 in the making?

By TipTVFinance
An hour or so ahead of the ECB rate decision, EUR/USD has turned positive on the day. There is very little the European Central Bank (ECB) can do as discussed in the ECB preview.

Daily Chart Technicals

  • Euro’s failure to sustain below 1.1293 (23.6% of May 2014 high-March 2015 low) followed by a move back above 5-DMA of 1.1309 coupled with daily RSI above 50.00 indicates the currency could move towards 1.1342-1.1376 levels.

  • A minor hiccup cannot be ruled out during Draghi’s press conference; however, dips could be met with fresh demand unless strong support 1.1270-1.1250 is taken out at least on hourly closing basis.

  • Area between 1.1270-1.1250 is a confluence of rising trend lines seen on the daily chart above.

  • A daily close below the same would signal a continuation of fall from recent high of 1.1465 levels.

EURUSDForextrading
TipTVFinance
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.