The EURUSD bounced higher in quick fashion Wednesday after rumored details regarding the ECB bond purchase program surfaced. Now the question remains if the Draghi will move forward with the plan on Thursday or wait to for the German constitutional court ruling. Heading into Thursday’s trading the cross has found resistance once again at the descending trend line from last October’s highs. This line has steered the pair lower for almost an entire year. The cross could pull back from this level ahead of the ECB press conference to test support at the 1.2560 level followed by 1.25. If the ECB announced a new bond purchase program tomorrow or any sort of interest change the pair could easily break above the 1.26 level towards 1.2750.
Sup 1.2560 1.2480
Res 1.26 1.2750
Keane Plan…Watching price action at descending trend line at 1.26. Will keenly watch ECB rate decision to clarify future direction.
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