Today at 14:00 GMT, ECB’s President Mario Draghi will testify once again from Brussels and we should remind that his latest speech was dovish, which helped the Euro to post new yearly lows across the board. Draghi already made remarks about downside disk that are weighing on Eurozone’s economy and his dovish rhetoric could remain present during this testimony, ahead of last ECB’s meeting in 2016.
Our technical overview for EUR/USD at H1 chart remains strongly bearish, as the pair is following a second-degree bearish trend line plotted from November 17th and it’s expected to pullback towards the 1.0527 level. As long as the EUR/USD pair remains below the 200 SMA, further declines are likely to happen in order to break new supports, because all targets are pointing to a possible parity in the mid-term. However, if Draghi’s words have some hawkish tone, it could rise towards the 1.0645 level.
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Origin: FX BAZOOKA
