- EUR/USD is flirting with the 100-day moving average at press time.
- A close above post-ECB high of 1.1309 would strengthen the short-term bullish case.
EUR/USD is currently trading at the 100-day moving average (MA) level of 1.1273.
The common currency created a bullish outside day candle on Thursday, reinforcing the bullish view put forward by the descending triangle breakdown confirmed on Monday.
Notably, the pair hit a high of 1.1309 post-European central bank (ECB) rate decision and during President Draghi’s presser. The high and low set /during ECB events usually serve as make or break levels.
So, 1.1309 is the level to beat for the bulls. A daily close higher would further strengthen the short-term bullish case and allow a rally to 1.1448 (March 20 high).
On the downside, 1.12 – the low of the bullish outside day – is key support, which, if breached, would open the doors to retest of recent lows near 1.11.
Daily chart
Trend: Bullish above 1.1309
Pivot points
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