Euro Retraced 1.21 Level Ahead Of ECB Meeting

The pair has retraced from its 1.21 level ahead of the . It is widely expected that the ECB is going to announce more dovish measures but leave the interest rate unchanged. Hence, the EUR/USD pair has seen some serious correction this week and the sell-off was intense earlier this week. However, the price has started to bounce back up and it is up from its low of 1.2058.

On the daily time frame, the bulls are still very much in control of the price as the EUR-USD pair is trading above the 50, 100 and 200-day SMA. In addition to this, the 50-day SMA is also trading above the 100-day SMA and the 200-day SMA is below the 100-day. All of this confirms that the bulls are not going to lose the battle anytime soon. However, the RSI is trading in the overbought zone and it is likely that correction will happen. This means that the price can drop all the to 1.1987 to 1.1954. As for the resistance, it is at 1.220 to 1.2174.

EUR/USD Daily Chart

EUR/USD Daily Chart

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