EUR/USD analysis: dovish Draghi undermined the common currency
EUR/USD stabilizes around 1.1360 following a dovish Draghi
The EUR/USD pair recovered from a daily low of 1.1330, achieved post-Draghi dovish statement following the latest ECB's monetary policy meeting. USD losing ground alongside Wall Street.
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The EUR/USD pair seesawed between gains and losses throughout the week, finishing it up around the 1.1400 level. For a sixth consecutive week, the pair has been unable to find a certain direction, trapped between a more dovish Fed and slowing growth and political turmoil in the EU.
EUR/USD is trading in the same old range as tension mounts towards the all-important ECB decision. Will Draghi drag down the Euro or will he prop it up?
The Technical Confluences Indicator shows that euro/dollar enjoys robust support at around 1.1364 where we see a dense cluster including the Simple Moving Average100-4h, the SMA 10-one-day, the Fibonacci 38.2% one-day, the SMA 200-1h, the SMA 5-4h, the SMA 50-4h, the Bollinger Band 15-minutes Lower, and the BB one-day Middle.
Further support is close by, at 1.1340 where we see the Fibonacci 61.8% one-day, the SMA 10-4h, and the Bollinger Band 1h-Lower all converge.
Looking up, the road to 1.1400 is dotted with quite a few levels of resistance including yesterday's high, the Fibonacci 38.2% one-month, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% one-week. However, these caps are scattered out and not as potent as the support levels.
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