Euro is near the upper border of the short-term range, waiting for the verdict of the European Central Bank. No change is foreseen. Investors are interested in how and when the ECB is going to scale back the QE program. We will see what the regulator thinks about this on Thursday. In the meantime the euro will remain faithful to the range with the upper border in the area of 1.1285 and the lower one - 1.1160, even if the today’s report on retail sales in the Euro zone will differ from the forecasts.
Today the currency has risen by almost 0.8% against the US dollar. From a technical point of view the pair approaches the support level in the area of 109.40, which is formed by the middle line of Andrew’s pitchfork on the daily chart, built from the December highs in the area of 110.50. The probability to rollback from the middle line to the middle of the descending channel is quite high.
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