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EUR/USD forecast: waiting for Draghi – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD has deflated from Tuesday’s tops near 1.1390 to the current area of 1.1355/50, while the cautious trade grows bigger ahead of the ECB meeting.

“Multi-session, the 55-day MA (1.1241) may support while immediate resistance is expected towards 1.1430. Structurally, we think the ECB may not be unduly dovish given the continued stabilization of the broader EZ economy”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “saw no downside follow through yesterday but has also broken no resistance of note. Having recently failed last week at the 1.1440/72 band (May, June and September highs, the 55 week ma and the 2014-2015 downtrend) and we will maintain a negative bias looking for losses to the 55 day ma at 1.1241 and the September lows at 1.1105/1.1088”.

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