EUR/USD Reclaims 1.1300 Mark ahead of ECB
The US Dollar failed to extend its overnight strength against the Euro and the EUR/USD pair has now managed to reclaim 1.1300 mark just ahead of the ECB announcement.
EUR/USD trading near key juncture
Although
the pair has managed to move back above 1.1300 mark, it is yet to clear
its immediate hurdle near 1.1315 level marking 23.6% Fibonacci
retracement level of 1.0825-1.1465 upswing. Following the ECB
announcement, should the pair manage to clear this immediate hurdle it
is likely to witness a follow-through buying interest, lifting it
towards 1.1350-55 resistance zone.
On the flip side, failure to
clear this immediate hurdle and a subsequent weakness back below 1.1290
level seems to turn the pair vulnerable to extend its yesterday's
weakness a short-term ascending trend-line support near 1.1265 region.
Additional
weakness below the trend-line support has the potential to drag the
pair further towards last week low level support around 1.1234 area,
also nearing 38.2% Fibonacci retracement level.
