In accordance with expectations, the currency exchange rate made a rebound from a combined support set up by the monthly PP at 1.1881 together with the bottom trend-line of a dominant ascending channel. The better that expected US data release together with the remarks made by Mario Draghi in Frankfurt only supported the yesterday’s surge. Today the pair is expected to continue to climb to the top. First, it has no barriers on its way except for the supposed upper edge of a junior descending channel. Second, it experiences pressure from a number of moving averages as well as the weekly PP, which from resistance turned into support. Third, at 8:00 GMT the ECB President is going to speak at Trinity College, which is likely to give additional stimulus to the Euro.
