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  • The Euro’s bounce from Tuesday’s low has run out of steam quickly, bidders will be looking for a jumping-in point.
  • Hourly technical indicators aren’t looking good for buying opportunities for Wednesday.
  • Thursday’s showing from the ECB’s Draghi could develop some momentum, but recent dovish showings bode poorly for long positions.

EUR/USD Chart, 1-Hour

Spot rate: 1.1575
Relative change: -0.10%
High: 1.1595
Low: 1.1567

Trend: Bearish

Support 1: 1.1530 (Tuesday low; technical swing low)
Support 2: 1.1485 (S1 1-week pivot)  
Support 3: 1.1359 (S2 1-week pivot)

Resistance 1: 1.1644 (Tuesday high, previous swing high)
Resistance 2: 1.1703 (R3 1-day pivot)
Resistance 3: 1.1851 (1-week high)