According to a last week analysis: “The target of the upward move will be the level 1.1450, which was a top in mid-September.” and “If level 1.1450 will start the correction the next supports are located at 1.1400, 1.1350, 1.1330” indicated resistance has been slightly exceeded and there has been a correctional movement.
The most important event this week, which should cause greater volatility in the EURUSD will be Thursday’s ECB decision on interest rates. The change of rates is not expected, but there are information about a possible increase in the European program of quantitative easing which could be announced just Thursday.
EURUSD last week tried to break above the upper limit of upward channel in which it moves. This resulted in a fakey (false breakout) and moved price down to a lower limit of the channel. Until Thursday, we can observe further movement between resistance 1.1450 and support 1.1320.
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