EURUSD AWAITS ECB HEAD MARIO DRAGHI'S SPEECH

The EURSD is moving in a contained trading range ahead of a speech by the European Central Bank President Mario Draghi. The ECB head is delivering a introductory statement to the Committee of Economic and Monetary Policy in the European parliament in Brussels today.

The current intraday trading bias remains bearish, despite a short lived upside attempt at 1.1190 in the early European session. The 1.1204 weekly pivot may prove to be the major upside hurdle for the EURUSD today, with 1.1235 the main topside resistance.

Short term indicators suggest that the EURUSD is bullish whilst trading above the 1.1170 level, with 1.1180 currently acting as pullback support.

Medium term support areas for the EURUSD are located at 1.1160 and 1.1148, with further downside towards 1.1130 and 1.1080 expected whilst trading below 1.1148.