EURUSD, Daily
EURUSD printed a low of 1.1308 earlier today. At the time of writing this, price has managed to make a small price recovery and trades around 25 pips off the day’s low. Price has broken the 1.1340 support level. The EURUSD market will now focus on the ECB policy meeting later this week; ECB president Draghi is expected to hint at the expansion of the QE program. With the break of the 1.1340 support, this raises the fears for EURUSD bulls for a potential price return towards the 1.1280′s. On the daily observations, looking back 3 months, current price remains without clear direction. However, I do have a bullish bias towards a retest of the 1.1460′s – 1.1560′s, provided that price can manage a clean close above the 1.1370 (38.2% Fibo July low – August high), otherwise we could see a price breakdown below the 1.1280′s.
Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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