Technical Market Outlook:
The EUR/USD pair had broken above the short-term trend line resistance and is consolidating around the parity level again ahead of the ECB interest rate decision today at 14:15). In order to terminate the down trend or at least make a correction, the bulls must break above the technical resistance located at the level of 1.0090 and 1.0122. In the longer term, the key technical resistance level is located at 1.0389. Nevertheless, in a case of a big surprise from the ECB, like a hike more than 1.25%, the EUR might surge even towards the last swing high located at the level of 1.0370, so please stay focused during the time of the announcement.
Weekly Pivot Points:
WR3 - 0.9992
WR2 - 0.99454
WR1 - 0.99156
Weekly Pivot - 0.98988
WS1 - 0.98690
WS2 - 0.98522
WS3 - 0.98056
Trading Outlook:
There is no sign of relief for the EUR as the down trend should continue below the parity level. The EUR is under the strong bearish pressure and as long as the USD is kept being bought all across the board, the down trend will continue. In the longer term, the key technical resistance level is located at 1.0389.
