EURUSD BUYERS IN CONTROL AHEAD OF DRAGHI
The euro remains largely unchanged against the U.S dollar, following the release of mixed macroeconomic data during the European trading session. Eurozone Services and Composite PMI’s beat expectations, while Retail Sales and Investor Confidence data declined. Financial markets now await European Central Bank President Mario Draghi, who is due to testify before the European Parliament later this afternoon. Mario Draghi’s testimony should create volatility in the EURUSD, and we are likely to see a clear break of the current 1.2432 to 1.2470 trading range.
EURUSD buyers retain control of the pair while price-action trades above the 1.2432 level, further upside towards 1.2491 and 1.2538 remain possible.
Should intraday sellers clearly breach the 1.2432 level, the EURUSD pair may decline towards the 1.2400 and 1.2385 levels.