It appeared that a breakthrough the 100% Fibonacci retracement level at 1.1715 and the weekly S1 at 1.1710 had a short-term effect. Despite the average market sentiment, which is 61% bearish, the pair managed to restore not only lost positions but also cross a combination of 55- and 100-hour SMAs as well as the upper trend-line of a medium-term descending channel. On the one hand, the further climb to the top is likely to be hindered by the slipping 200-hour SMA near 1.1810. On the other hand, the above retracement level is also not expected to let the rate to drop to the bottom. For this reason, a great impact on the further direction of the pair will have all fundamental events that are scheduled for today, including Draghi and Yellen speeches.
