The Euro is slightly bid in early Wednesday’s trading but showing no clear direction as traders are waiting for the ECB meeting tomorrow.
The pair traded within 1.1900/30 range in Asia, denting daily Tenkan-sen (1.1921) which marks the upper boundary of the action in past two days, entrenched within Kijun-sen and Tenkan-sen lines.
Near-term action is supported by hourly cloud (spanned between 1.1900 and 1.1914) and is expected to maintain bullish bias while holding above the cloud.
Bullish daily studies are supportive, with rising 10SMA tracking the advance and offering immediate support.
However, the pair would likely stay within 1.1900/1.2000 range today, looking for firmer signals from Mario Draghi on Thursday.
With no releases from the Eurozone scheduled today, focus turns towards US data (ISM Non-Manufacturing PMI is due at 14:00 GMT and forecasted at 55.4 in August vs 53.9 in July).
Res: 1.1940, 1.1979, 1.2000, 1.2070
Sup: 1.1914, 1.1900, 1.1868, 1.1839
