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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures