The euro has staged a minor recovery above the 1.1600 level against the U.S dollar, after the U.S dollar index started to decline during late Monday trade. A bullish double-bottom pattern on the EURUSD pair encouraged technical buying interest, as euro sellers failed to break the former monthly price-low at 1.1573. Traders now await European Central Bank President Mario Draghi’s opening remarks, as he delivers a scheduled speech at the ECB Forum on Banking Supervision, in Frankfurt, Germany.
The EURUSD still remains bearish while trading below the 1.1640 technical level, with sellers still retaining control of the pair. Further declines towards the 1.1599 and 1.1573 levels still seem most likely.
Should price-action break above the 1.1640 level for a sustained period, the bearish dynamic surrounding the pair will change, with buyers then likely to target the 1.1670 again.
