EUR/USD: Euro remains pressured after Draghi sends it to the downside

EUR/USD is trading in the mid 1.1300s, down on the day. ECB President Draghi said the balancing of risks is tilting to the downside, sending the pair down.



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Slow economic growth still the main drag for the common currency

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.

Yohay Elam

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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