EURUSD is holding within 1.07/1.08 range ahead of ECB
|The Euro is firmer on Thursday and holding around 1.0770 after 1.0700 support zone contained pullback.
Wednesday’s bullish close sidelined immediate downside risk, but price remains within 1.0700/1.0800 congestion ahead of ECB, due later today.
Near-term studies are bullishly aligned, while daily technicals are in mixed mode.
Break of initial 1.0700/1.0800 range is needed to signal near-term direction.
Above 1.0800 would attract 1.0900 zone (50% retracement of 1.1298/1.0504 fall/55SMA), possibly 1.1000 (Fibo 61.8%) in extension.
On the other side, loss of 1.0700 handle would weaken near-term structure and risk fresh weakness towards 1.0650/15 initially.
The ECB is expected to stay unchanged and extend QE program.
Res: 1.0795; 1.0807; 1.0849; 1.0900
Sup: 1.0747; 1.0700; 1.0649; 1.0615
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