The euro continues to consolidate around the 1.2400 handle against the U.S dollar, ahead of today’s ECB interest rate decision and policy statement from European Central Bank President Mario Draghi. The EURUSD pair failed to gain traction above the key 1.2430 level on Wednesday, with traders now taking profits as fears grow ECB President Draghi may discuss the negative impacts of a strong euro currency and U.S trade tariffs. Traders are likely to continue to watch the 1.2430 level for further upside, whilst the 1.2278 now acts as critical weekly support.
The EURUSD is likely to turn bullish above the 1.2430 level, with intraday buyers targeting the 1.2470 and 1.2557 levels.
Should the EURUSD pair fail to move back above the 1.2430 level, price-action may turn bearish toward the 1.2305 and 1.2278 levels.
