The pair EUR/USD slowed its decline on the support of 1.1860/50 while the President of the ECB shall take into his speech.
The early decline Friday, following the failure of the resistance of 1.2000 has continued in the opening Sunday night.
After a slight rebound during the night, the decline of the Euro Dollar continued today, breaking below the thresholds of 1.1920 and 1.1900, only to return back to the support zone of 1.1860/50’s this afternoon.
The support holds for now, while Draghi speaks on monetary policy and the economy of the euro area, without making new ads.
In effect, Draghi has, in general, repeated what had already been stated during the meeting of the ECB, posting a positive message on the economy and inflation in the euro zone, while recalling the uncertainty created by the recent rise of the Euro, as well as the need to keep policy accommodative at this stage.
EUR/USD is trying now to bounce on the Forex, finding a bit of support on the bracket, but the movement still remains soft enough for the moment.
A rise towards 1.1900 and then above the 1.1920 could reinforce the upward movement in the very short term, with resistors that follow to 1.1950, 1.1980 and 1.2000.
Conversely, if the current attempt at a rebound is losing steam quickly, we could threaten again the support zone of 1.1860/50, with risk of falling towards the next threshold of 1.1825.
Overall, the range 1.1825/1.2000 remains, therefore, always to watch, with a risk of rebound towards the terminal high if the failure on the 1.1860/50 is confirmed.
The pair EUR/USD is currently trading at 1.1883 on the Forex.
Chart EUR/USD H1
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This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.