As it was expected, a pressure from a combination of the 55-, 100- and 200-hour SMAs neutralized any further attempts of the currency pair to slip to the bottom. The exchange rate even managed to from a junior ascending channel and bypass the weekly PP at 1.1918, fluctuating within it. Today will be the next day for the Euro due to announcement of the EU Minimum Bid Rate and the subsequent ECB press conference. Usually, this event leads to very strong traders’ reaction on it. In this context, the pair is expected to make a substantial advance today. Given a reaction to Draghi speech at the Jackson Hole Symposium two weeks ago, the Euro should appreciate today as well. The same direction is also seen from hourly and daily chart perspectives.
