Yesterday EURUSD went back and forward without any clear direction although with a wide range and closed in the middle of the daily range, in addition managed to close within the previous day range, suggesting a lack of momentum and strong indecision among traders.
The pair closed above the 10-day moving average that is acting as dynamic support however did not managed to close above the 50 and the 200-day moving averages that are acting as dynamic resistance.
Today the markets are expecting an unchanged interest rate for the Euro zone and foremost the ECB president Mario Draghi speech looking for clues on a potential increase of QE due to the global economy slowdown.
The key levels to watch are: A daily resistance at 1.1236, other daily resistance at 1.1097, the 200-day moving average at 1.1021 (resistance), 50-day moving average at 1.1000 (resistance), the 10-day moving average at 1.0954 (support) and a daily support at 1.0900.
"I trade to make money not to be right." |