EUR/USD (current price: 1.1365)
The Euro spiked higher against the Dollar following Mario Draghi’s speech and tested the 1.145 resistance. The pair failed to break above the crucial level and closed back in the narrow trading range of the past week. EUR/USD finally ended the day slightly lower at 1.1375. The most traded forex pair could be headed back to the rising trend-line, currently around 1.125 in the coming sessions after rebounding from resistance, as it remains short-term overbought.
Our assessment: EUR/USD could be ready for further correction after touching 1.145 yesterday. Monetary policies are the having the biggest effect on the pair as the technical picture remains neutral.
