- The EUR/USD dipped slightly on Wednesday as the chances of U.S. rate increase seemed to dwindle but investors remained wary of pushing it lower before ECB meetings.
- The ECB meets on Thursday, and it is expected to adjust its language as it gets closer to normalising policy. That may include dropping a reference to its readiness to extend or expand its bond-buying programme.
- Investors are looking forward to ECB meeting to see if the recent strength of the euro will influence the central bank outlook.
- The euro was last trading at $1.1532, after rising as high as $1.1583 on Tuesday, its highest since May 2016.
- To the upside, the immediate resistance can be seen at 1.1562, a break above this level would expose the pair to next resistance level at 1.1619.
- To the downside, immediate support can be seen at 1.1514, a break below at this level will open the door towards next level at 1.1467.
Resistance Levels
R1: 1.1562 (38.2% Retracement level)
R2: 1.1619 (23.6% Retracement level)
R3: 1.1700 (Psychological levels)
Support Levels
S1: 1.1514 (50% Retracement level)
S2: 1.1467 (61.8% Retracement level)
S3: 1.1424 (July 17th lows)
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
