Thursday 7 September 2017

EUR/USD Eased around 1.20 after dovish Draghi

The EUR/USD pair moved higher today as Draghi’s press conference was underway and marked eight session high at 1.2050, but later retreatred lower and found ground around 1.2000 handle due to the result of the ECB's monetary policy latest decision. As it was expected the rate remains unchanged at zero level while QE is on mute mode until December 2017, or longer probably. US employment numbers released today supported the euro bulls showing higher figures. 
On the four-hour time frame the price is developing above its bullish SMAs. Meanwhile technical indicators are losing upward strength. Both RSI and stochastic are still located withing extreme overbought area, but slightly are turning to south, which is hinting for a slight downward correction.
However the euro bulls should conquer 1.2030 level to be able to run higher.




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