Yesterday demand tried to break above bearish regression channel, but sentiment changes today after press conference of ECB President Mario Draghi. According to forcast ECB maintained interest rates unchanged, however during press conference, Draghi’s speach caused a weakening of the euro. Mario Draghi noted that inflation is weaker than expected and suggested action taken by the ECB during the March meeting.
It caused that EURUSD fell 100 pips. However return movement occured very fast and currently price is above support at 1.0810. If support is break below next target for falls will be at 1.0730. Alternatively if demand is strong enough key level for the bulls will be at 1.0950 which is an upper limit of downward channel. Next target for bulls is at 1.1050.
Time-frame H4
