Technical Analysis

EURUSD Awaits Draghi Speech


Price-action has reclaimed the 1.1900 handle on the EURUSD pair, ahead of today's key note speech by European Central Bank President Mario Draghi, at the second ESRB annual conference in Frankfurt, Germany.

Earlier, sellers failed to close price beneath the pairs monthly pivot point, provoking a strong intraday bounce towards the 1.1919 level, which is four pips above Monday's swing-low and ten pips away from the daily pivot point.

Going forward, if the euro fails to close price back above the 1.1915 level on a higher time-frame basis, sellers may push price-action back towards the monthly pivot point, located at 1.1884.

Key intraday technical resistance above the 1.1919 level, is found at 1.1928, 1.1938 and 1.1957.

Below the 1.1900 handle, intraday EURUSD support is found at 1.1884, 1.1870 and the pairs key 50-day moving average, located at 1.1855.

Below 1.1855, traders will look to the former weekly low, at 1.1838 and the pairs crucial 200-week moving average, at 1.1725.

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