The euro has traded in an increasingly narrow range against the US dollar during the European trading session as traders remain cautious ahead of today’s ECB policy decision. A hawkish tone from ECB President Mario Draghi will likely send the EURUSD pair towards the 1.1320 level. A more bearish view from President Draghi will likely prompt the EURUSD pair to test to the 1.1165 support level.
The EURUSD pair is only bearish while trading below the 1.1200 level, key technical support is found at the 1.1180 and 1.1165 levels.
If the EURUSD pair trades above the 1.1265 level, buyers may test the 1.1300 and 1.1325 levels
