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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