Trades beneath 100 hour MA above, however development traces to get beneath.
There appears to be no change on charges of steerage from the ECB assertion and that has the EURUSD inching up slightly after the announcement (it’s actually simply waffling). All eyes shall be on Draghi. Does he soften the stance towards elevating charges on the finish of the 2019 summer time given the softness and international dangers? That can assist to dictate the subsequent transfer.
Technicallly at the moment, the value moved again beneath the 100 hour MA (stays beneath the 200 hour MA – inexperienced line) which is presently at 1.1369 and 1.13942 respectively. For the bulls to get extra affirmation, strikes again above these MAs are wanted.
On the draw back, the low at the moment took out the low from Tuesday, however solely by just a few pips. The low did run into an upward sloping development line on the Four-hour chart at 1.1331 (low reached 1.13292 – see chart beneath). A transfer beneath that MA will then check a downward sloping development line connecting more moderen lows at 1.1321. Breaking beneath every, opens the draw back for extra promoting.
The pair sits above the assist from two development traces, however beneath the important thing hourly shifting averages above. It’s on to Draghi’s feedback and presser. I’d count on the press to push him on the top of summer time hike schedule and he shall be ready to reply.
PS the vary for the week is just about 66 pips. That might be probably the most slender vary for years and years if there was not an extension. So I do count on a brand new excessive or new low this week in some unspecified time in the future.