In the early trading hours
today the US dollar was performing slightly stronger against the major rivals, supported
by Fed's
Beige Book release that indicated clear and definite development for the US economy. In anticipation of the key event today, ECB meeting and Mario Draghi's speech, the EUR/USD is consolidating within a tight
range.
It is expected that ECB will keep unchanged its key benchmark interest rates and
bond purchase program. Anyway today’s meeting
and the following presser will bring increased volatility on markets.
The pair is currently hovering around 1.0950 level, which is an immediate
support. If bears strengthen their force, the pair will be sent lower towards
next support at 1.0920. Looking to upwards, if the pair struggles to push higher above the current
support mark, will face the first resistance located at 1.1065.
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