- Despite Wednesday’s test of the 1.0980 region, EUR/USD remains broadly within a consolidative mood above the 1.10 handle.
- The ECB event later today will be key in determining the near/medium term price action of spot. On the upside, initial hurdle emerges at last week’s top at 1.1085 ahead of the resistance line at 1.1114.
- Above the latter, the downside pressure should subside somewhat and allow for a move higher to the more relevant 1.1146/63 band, where coincide the 55-day SMA and late August top.
- Looking south, Wednesday’s low at 1.0985 should offer interim resistance in case sellers regain the upper hand ahead of another test of the 2019 low at 1.0926.
EUR/USD daily chart
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