All eyes now remain on the upcoming ECB monetary policy decision due
later today at 1245GMT, followed by the ECB President
Draghi’s conference, for fresh direction on the EUR/USD pair. The ECB is expected to keep interest rates and QE unaltered, although a cautious tone in central bank’s language could be expected ahead of elections in Netherlands and France. Meanwhile, the ECB may offer an upbeat assessment of the economy, in wake of rising inflation levels and solid manufacturing output.
EUR/USD Technical Levels
Valeria Bednarik, Chief Analyst at FXStreet, noted, “From a technical point of view, the risk is clearly towards the downside, as in the 4 hours chart the price stands comfortable below 1.0565, a major Fibonacci resistance, while the 20 SMA has lost its bullish strength, now turning lower and converging with the 100 SMA in the 1.0590 region.”
Draghi’s conference, for fresh direction on the EUR/USD pair. The ECB is expected to keep interest rates and QE unaltered, although a cautious tone in central bank’s language could be expected ahead of elections in Netherlands and France. Meanwhile, the ECB may offer an upbeat assessment of the economy, in wake of rising inflation levels and solid manufacturing output.
Valeria Bednarik, Chief Analyst at FXStreet, noted, “From a technical point of view, the risk is clearly towards the downside, as in the 4 hours chart the price stands comfortable below 1.0565, a major Fibonacci resistance, while the 20 SMA has lost its bullish strength, now turning lower and converging with the 100 SMA in the 1.0590 region.”
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