EUR/USD Technical Analysis: 1.14 could be scaled ahead of the ECB
|The EUR/USD pair may find acceptance above 1.14, having witnessed a bull flag breakout on the 15-minute chart a few minutes before press time.
15-minute chart
Flag breakouts usually end up accelerating preceding bullish moves. As a result, there is scope for a rally to 1.1426 (target as per the measured move method, that is, pole height added to breakout price).
Daily chart
The pair closed above 1.1374 (Tuesday's high) yesterday, validating the bear exhaustion signaled by Tuesday's "long-tailed" candle.
Indeed, the European Central Bank (ECB) President Draghi is widely expected to sound dovish. The recent drop in EUR/USD from 1.1570to 1.1336 likely indicates that markets have already priced in the dovish turn. The timing of the first deposit rate hike was pushed back to mid-2020 earlier this month.
Trend: mildly bullish
EUR/USD
Overview:
Today Last Price: 1.1386
Today Daily change: 0.0004 pips
Today Daily change %: 0.04%
Today Daily Open: 1.1382
Trends:
Daily SMA20: 1.1426
Daily SMA50: 1.1391
Daily SMA100: 1.1456
Daily SMA200: 1.1589
Levels:
Previous Daily High: 1.1396
Previous Daily Low: 1.1351
Previous Weekly High: 1.1491
Previous Weekly Low: 1.1353
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Daily Fibonacci 38.2%: 1.1378
Daily Fibonacci 61.8%: 1.1368
Daily Pivot Point S1: 1.1357
Daily Pivot Point S2: 1.1331
Daily Pivot Point S3: 1.1312
Daily Pivot Point R1: 1.1402
Daily Pivot Point R2: 1.1421
Daily Pivot Point R3: 1.1447
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