EUR/USD

• EUR/USD may largely consolidate going into the European Central Bank (ECB) interest rate decision as market participants gauge the outlook for monetary policy; despite speculation for more easing, the single-currency may largely preserve the gains from earlier this year as the euro-area returns to its historic current account surplus following the ‘Great Recession.’
• Even though ECB President Mario Draghi keeps the door open to further support the monetary union, a batch of dovish rhetoric may not be enough to weaken the single-currency after the central bank head unintentionally put a floor on interest rates following the March 10 meeting.
• Will continue to watch the topside targets for EUR/USD as the pair appears to be in a long-term bottoming process, with a break/close above 1.1420 (23.6% retracement) to 1.1460 (78.6% retracement) raising the risk for a run at 1.1713 (August high).