EURO AWAITS ECB PRESS CONFERENCE
The euro is trading firmly above the 1.1900 level against the U.S dollar, ahead of the European Central Bank interest rate decision, and key press conference with ECB President Mario Draghi.
Today's press conference with Mario Draghi will be the main event, as most analysts expect the ECB to keep interest rates unchanged. Investors will look to his thoughts on eurozone inflation, the timing of QE tapering and the recent appreciation of the euro currency.
The EURUSD pair remains bullish on an intraday basis whilst trading above the 1.1918 level. However, EURUSD buyers should remain cautious, as price-action has created a bearish triple top pattern on the charts.
Key technical resistance is located at 1.1950, 1.1979 and 1.2030. A higher time-frame price close above the 1.2030 level, should encourage buying towards 1.2070 and 1.2110.
Key technical support for the EURUSD pair is located at 1.1918, and the daily pivot point, at 1.1897. The monthly pivot point is located at 1.1884, with further support at 1.1865 and 1.1823.
Below the former weekly price low, at 1.1823, the euro's 200-week moving average becomes critical support, at 1.1743.