EUR/USD (current price: 1.1295)
The Euro had a relatively quiet session as most traders were waiting for today’s ECB meeting before taking on any position in the related pairs. Despite that, EUR/USD did provide an important reversal on Wednesday, as it bounced off the 1.1375 resistance zone before closing below the 1.13 level, almost one percent lower than the intraday high. The pair is still in a short-term uptrend, with no clear direction on the mid-to-long term timeframes, since hitting a low more than one year ago around 1.045.
Our assessment: EUR/USD might test the slightly advancing 200-day MA in the coming days, especially if Mario Draghi delivers yet another dovish surprise today.
