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EUR/USD drops down to 1.1035 before ECB meeting

© Dukascopy Bank SA
"The ECB is doing what's needed on the monetary side, but on the political side the clock is ticking."
- Royal Bank of Scotland (based on Bloomberg)

Pair's Outlook
After a considerable drop yesterday, EUR/USD continues declining on Thursday morning as well. On Wednesday it lost more than 100 pips and is getting additional 40-pip hit today. The Euro has already crossed weekly and monthly S1 support lines and approached the next demand zone at 1.1035 (weekly S2), where a new 2015 low has been set. If this level fails to act as strong support, a decline down to 1.0943 (monthly S2) is not off the table, depending on what Mario Draghi reveals today during the ECB meeting in Cyprus. 

Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 53% in the morning on Thursday. Additionally, pending orders to buy the Euro against the US Dollar in 100-pip range reached 58%.

© Dukascopy Bank SA


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