EURUSD catches fresh bids, eyes 1.2350 ahead of Draghi's speech

EUR/USD finds buyers heading into Europe.
Draghi speech in the pipe.

Joshua Gibson FXStreet

EUR/USD is climbing ahead of the European markets, testing into 1.2325 as of writing.

Risk appetite returned to markets to kick off the new week of trading, and the Euro has begun to claw back up the charts following a bounce from February's low of 1.2260.

European Central Bank president Mario Draghi will be giving his testimony on monetary policy and the inflation outlook before the European Parliament Economic and Monetary Affairs Committee, in Brussels today at 14:00 GMT. Draghi may throw a wrench in the Euro works if his talking points prove too dovish for markets.

Also on the docket for this week is Fed Chairman Jerome Powell's congressional testimony, slated for Tuesday at 15:00. Chairman Powell's outlook on inflation and interest rates could spark another round of selling in the US Dollar which would prove a boon for Euro bulls at this stage, as the Greenback resurgence has squeezed the Euro short for the past few weeks.

EUR/USD Technicals

The pair is currently seeking support from the 34 EMA, consolidating off the indicator for several trading days following a decline from 1.2555. Support is gathered at 1.2260 and 1.2205, with resistance nearby at 1.2369 and 1.2393.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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