The euro has completely leveled the previous growth success against the dollar. The ECB representative Linde said that if necessary the ECB could expand the quantitative easing program. According to him, they are not in a hurry to hike the rate as the euro area inflation raises some concerns.
The pair EUR/USD continues to trade in the range, limited by the resistance near 1.1410 and the support near 1.1325.
The first support is at the level of 1.1325, the second one is at the level of 1.1260. The resistance is at the levels of 1.1410 and 1.1530.
We have a weak buy signal. The price is in the Cloud now and it is under the Chinkou Span. The Tenkan-sen is crossing Kijun-sen upwards; the Kijun-sen shows a downward movement. We have a “Golden Cross” signal.
The MACD indicator is in a negative territory. The histogram is decreasing.
We wait for the ECB meeting results that may give us the clue regarding the ECB further plans. We still two ways the price to go: the level of 1.1325 if the EUR/USD decreases and the level of 1.1410 if it grows.