EUR/USD looks for direction near 1.1380, Draghi eyed

The pair struggles to regain traction below the 1.1400 handle.
The greenback stays sidelines around 96.60.
ECB’s Mario Draghi will be speaking later in the session.

Pablo Piovano FXStreet

The single currency remains under pressure at the end of the week and is now prompting EUR/USD to navigate around 1.1370/80.

EUR/USD now looks to Draghi

The pair remains vulnerable so far this week, trading in the area of 2-month lows and finding support in near 1.1350 for the time being.

The ECB meeting left no room for surprises on Thursday, while the Governing Council reiterated the positive view of the economic conditions in the region and showed optimism that inflation should clinch the bank’s target over the medium term.

In the meantime, Italy remains in centre stage as exclusive driver of the pair’s price action. Today, credit rating agency S&P is expected to publish its report on the country.

Moving forward, President M.Draghi and Board member B.Coeure are due to speak in Brussels and Paris, respectively.

Data wise across the Atlantic, the US docket includes the first estimate of Q3 GDP and the final print of the U-Mich index.

EUR/USD levels to watch

At the moment, the pair is down 0.01% at 1.1373 and a break below 1.1356 (low Oct.25) would target 1.1319 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1470 (10-day SMA) seconded by 1.1505 (21-day SMA) and finally 1.1550 (high Oct.22).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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