The Euro remains in a quiet mode at the beginning of European session, after Tuesday’s trading ended in Doji candle.
The action remains capped by falling 55SMA (1.1701) and heavily weighed by falling thick daily cloud (cloud base lays at 1.1706).
Daily studies remain mixed and lacking clearer direction signal, with price action holding within triangular consolidation.
German Ifo data are in focus today (business climate 101.6 f/c vs 101.8 prev) with weak reading expected to keep the price at the back foot.
The ECB is meeting tomorrow and expected to stay unchanged, according to their previous comments when the central bank announced that no rate hikes could be expected until the summer 2019 and no reduction in QE expected until the end of this year.
This suggests that the single currency be looking for other catalysts to eventually break out of current narrowing range and generate fresh direction signals.
Res: 1.1701,1.1716,1.1750,1.1790
Sup: 1.1675,1.1654,1.1616,1.1574
