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EUR/USD back to 1.2940/45 ahead of Draghi

FXstreet.com (Barcelona) - The shared currency is trading back around the 1.2840/45 region on Thursday, as market participants are shifting their focus on the speech by ECB’s M.Draghi due later.

Eric Theoret, Strategist at Scotiabank, remains bearish on the cross, adding “momentum signals are moderating. Yesterday’s upswing failed to maintain gains above 50 day MA (1.2983). To the downside, looking for breach of 1.2800 and May 17th low 1.2797”.

The pair is now advancing 0.58% at 1.2935 with the next hurdle at 1.3011 (MA21d) followed by 1.3030 (high May 14) and finally 1.3051 (high May 10).
On the flip side, a violation of 1.2809 (low May 20) would open the door to 1.2796 (low May 17) and then 1.2754 (weekly cloud base).

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