EUR/USD Technical Analysis: 1.14 could be scaled ahead of the ECB
The EUR/USD pair may find acceptance above 1.14, having witnessed a bull flag breakout on the 15-minute chart a few minutes before press time.
15-minute chart
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Flag breakouts usually end up accelerating preceding bullish moves. As a result, there is scope for a rally to 1.1426 (target as per the measured move method, that is, pole height added to breakout price).
Daily chart
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The pair closed above 1.1374 (Tuesday's high) yesterday, validating the bear exhaustion signaled by Tuesday's "long-tailed" candle.
Indeed, the European Central Bank (ECB) President Draghi is widely expected to sound dovish. The recent drop in EUR/USD from 1.1570to 1.1336 likely indicates that markets have already priced in the dovish turn. The timing of the first deposit rate hike was pushed back to mid-2020 earlier this month.
Trend: mildly bullish
EUR/USD
Overview:
Today Last Price: 1.1386
Today Daily change: 0.0004 pips
Today Daily change %: 0.04%
Today Daily Open: 1.1382
Trends:
Daily SMA20: 1.1426
Daily SMA50: 1.1391
Daily SMA100: 1.1456
Daily SMA200: 1.1589
Levels:
Previous Daily High: 1.1396
Previous Daily Low: 1.1351
Previous Weekly High: 1.1491
Previous Weekly Low: 1.1353
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Daily Fibonacci 38.2%: 1.1378
Daily Fibonacci 61.8%: 1.1368
Daily Pivot Point S1: 1.1357
Daily Pivot Point S2: 1.1331
Daily Pivot Point S3: 1.1312
Daily Pivot Point R1: 1.1402
Daily Pivot Point R2: 1.1421
Daily Pivot Point R3: 1.1447