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    EUR/USD aims at 1.08 after dovish ECB

    © Dukascopy Bank SA
    "Mario Draghi made it quite plain that given the recent drops on oil prices that the policy response in March will potentially have to change, replacing 'whatever it takes' with 'no limits'."
    - CMC Markets UK (based on WBP Online)

    Pair's Outlook
    EUR/USD attempted to violate the 1.08 support zone yesterday after soft comments made by the ECB President Draghi. The pair pulled back to 1.0870 by the end of trading, but today the second wave of selling is possible. As long as the pair keeps trading within triangle, the outlook will remain neutral, as suggested by daily technical indicators. In case 55-day SMA and monthly PP are crossed, the next effective demand will be offered by the monthly S1 at 1.0565. Key resistance remains 1.0978/1.1051 (100/200-day SMAs).

    Traders' Sentiment
    SWFX bears remain in the majority of 55% for open positions. At the same time, more than 50% of all pending orders in 50-pip range from the spot are now set to acquire the Euro, even though 100-pip commands remain 55% short.

    © Dukascopy Bank SA

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