EURO AWAITING DIRECTION FROM ECB

The EURUSD pair is consolidating above the 1.1500 level, ahead of European Central Bank President monetary policy statement releases, and press conference with ECB President Mario Draghi.

Risks remain to the downside for the euro currency if the ECB disappoints, and are seen as being more dovish than expected. Market expectations remain high that the ECB governing council will today announce some forward guidance about the tapering of QE.

The euro is currently bearish in the short term whilst trading below the 1.1525 level, which represents the daily EURUSD pivot point.

In the medium term, the euro remains bullish whilst trading above the weekly pivot point, situated at the 1.1443 level.

To the upside, resistance is found at 1.1557, with the current yearly price high, at 1.1583 acting as strong intraday resistance. Above the 1.1583 level, the 1.1613 and 1.1640 levels start to come into EURUSD traders focus.

To the downside, the 1.1489 level remains key intraday technical support for the EURUSD, with the downside likely to accelerate if this area gives way. Further support is found at the weekly pivot point, at 1.1443, and the monthly pivot point, at 1.1330.