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Euro Gains As The Dollar Retreats

The euro currency has been posting some modest gains against the dollar on Wednesday. This comes ahead of today’s ECB meeting. It will be the last monetary policy meeting under the leadership of ECB President Mario Draghi. Economic data from the Eurozone was quiet.

Can the EUR/USD Maintain the Rebound?

The currency pair rebounds following a day of declines. However, we expect that the upside is limited for the moment. EURUSD could post a lower high which will confirm the downside. The currency pair will likely test the lower support at 1.1075–1.1062 region, unless the previously two-year high is breached.

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