EUR/USD awaits Draghi, ECB meeting
The EURUSD hasn’t shown any real price action in the last few days. With low volatility, the market moved sideways for the last five trading days. Then the market formed a low at 1.1336 on Tuesday. The support line of an unattractive triangle formation was thus reached. The area around 1.1330 is an essential structural level. The market was able to push off slightly from this support yesterday.
With a clear break of this structural level, the area around 1.1270 moves further into focus. It could also be possible to test further support lines in the 1.1220 range.
To overturn the bearish sentiment in the market, the EURUSD must clearly break the highs of 9th and 10th of January at the area of 1.156. Then a recovery into the 1,175 range could be possible.
Intraday, the range between 1.400 and 1.450, could prove to be important today. We expect increased volatility before and around the announcement of the figures at 12:45 pm GMT and before, during and after Mario Draghi’s speech at 13:30 pm GMT.
EUR/USD Daily Chart. Source | ActivTrader
Written by Daniel Schuetz, External Analyst
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