The EUR/USD pair has been trading lower since the 28th of January 2016, with the bears leading the price from as high as 1.0967 to as low as 1.0809.
On Friday, the major fell aggressively from 1.0941 all the way down to the 1.08 handle. Today, the pair regained some ground, currently consolidating between the area of 1.0841 and 1.0857. Focus today is on Mario Draghi’s speech due later in the day, in search of some clues on monetary policy.
In the event that the bulls manage to gain momentum and attempt a retracement to the upside breaking above the 1.0869 level, profit targets could be set at 1.0884 and 1.0907 in extension.
On the flip side, in the scenario where the sellers resume their previous activity and the price breaks below 1.0835, the pair could go find support at 1.0809 and 1.0778 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.