Currently trading at 77.85, the analysts at Forex Ticket are bearish on the pair and see targets of 77.6 and 77.4 ahead. A flux of positive risk sentiment has carried through into the market this afternoon before ECB President Draghi spoke, indicating a growing confidence that Europe can get to grips with its crisis and start to move forward. Elsewhere, US Home Prices data came in ahead of analyst expectations alongside Consumer Confidence and the Richmond Fed Manufacturing Index. The only disappointment was the Housing Price Index which registered at 0.2% against 0.3%.
This evening the Philadelphia Fed’s Plosser is due to speak at 16:00 GMT before US Treasury’s Geithner speaks at 17:30 GMT. Elsewhere, Equities are up alongside commodities.