The EURUSD has the ECB and Draghi lined up Thursday in early North American trading. The pair is attempting to break below the ascending trend line around 1.3085 to close out the day in North America. A break exposes the cross to a test of the resistance zone between 1.3020/1.30 followed by 1.2885. If the pair manages to squeeze back above the trend line price resistance is layered just above between 1.3140 and 1.3180.
The ECB is widely expected to keep interest rate unchanged tomorrow. Draghi's press conference that follow is what most traders will be watching. If Draghi hints of further rate cuts the pair could be in for a larger decline from the ascending daily trend line at 1.0385 towards the bottom of the current range around 1.27.
Sup 1.3020/00 1.2885
Res 1.3085 1.3140/80
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