‘Following the ECB’s policy review on Thursday, President Mario Draghi refused to speculate on the possibility of rate increases before quantitative easing ends.’ – Tanvir Sandhu, Bloomberg
Due to comments from the president of the European Central Bank, Mario Draghi, the common European currency jumped against the US Dollar in the recent trading sessions. The currency exchange rate already reached the new second weekly resistance level at 1.0718. The last time the rate was at such level was on February 6. As Mario Draghi is set to speak also on Monday, it is likely that the Euro would continue the surge. In such case the weekly S2 would be broken, and the rate would surge up to the monthly R1, which is located at 1.0772 level.
SWFX traders have become bearish regarding the pair, as 53% of open positions are short on Monday. Meanwhile, 55% of trader set up orders are set to sell the Euro.