EUR/USD Technical Analysis: Remains capped below 50% Fibo. level post-Draghi

   “¢   Barring an early European session dip, the pair has been oscillating within a narrow trading band above the 1.1400 handle/just below 50% Fibonacci retracement level of the 1.1570-1.1289 recent downfall.

   “¢   Given the latest leg of an upsurge to near three-week tops, the consolidative price action constitutes towards the formation of a bullish continuation – rectangle chart pattern on the 1-hourly chart.

   “¢   The fact that the pair remains well above its important intraday moving averages – – 50, 100 & 200-hour SMA, reinforces the constructive outlook and support prospects for an extension of the positive move.

   “¢   Meanwhile, technical indicators on hourly charts maintain their bullish stance and have just started gaining positive traction on the daily chart, and further add credence to the near-term positive bias.

   “¢   Bullish traders, however, are likely to wait for a sustained move beyond the 1.1430 region  (50% Fibo.)  before positioning for any further appreciating move amid a more dovish tone by the ECB President Mario Draghi.

EUR/USD 1-hourly chart