The recent gains in the euro currency against the US dollar has started to slow as traders await EU PMI data and Thursday’s important ECB meeting. EURUSD buyers are now testing the 1.1265 level, with further gains towards the 1.1300 to 1.1320 resistance level is still possible. Overall, the next strong directional move in the EURUSD is unlikely to occur until after ECB President Mario Draghi speaks on Thursday.
The EURUSD pair is only bullish while trading above the 1.1265 level, key technical resistance is found at the 1.1300 and 1.1320 levels.
If the EURUSD pair trades below 1.1265 level, key technical support is found at the 1.1230 and 1.1215 levels.
