EURO SPIKES TO 1.1270 ON HAWKISH DRAGHI COMMENTS
The EURUD has moved sharply higher during the early morning European session, as ECB President Mario Draghi indicated that European Central Bank policy may soon move to neutral, from accommodative.
Speaking at the ECB Forum on banking, Mario Draghi painted a generally upbeat picture of economic conditions in the Eurozone. He noted that the central bank sees euro area growth above trend and that all signs are now pointing to a strengthening and broadening recovery in the region.
Technically the EURUSD remains bullish on all time frames, with higher and lower time frame indicators turning higher.
Support for the EURUSD is located at 1.1232 and 1.1218. Only a move below 1.1192 can negate the current bullish euro outlook.
Upside resistance for the EURUSD is located at 1.1280, 1.1299. Above the 1.1299 level, the euro upside should accelerate quickly, with the pair then targeting 1.1355 and 1.1410.