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Home » Daily Technical Reports » EUR/USD Today Chart 10/03/2016

EUR/USD Today Chart 10/03/2016

EUR/USD traded higher on Wednesday but hit resistance at 1.1030 (R1) and then it slid. The pair now looks to be trading in a sideways mode between the support zone of 1.0945 (S1) and the resistance of 1.1030 (R1), something that keeps the short-term outlook neutral for now. Nevertheless, today we have the long awaited ECB policy meeting, where the Bank is expected to take action and ease policy again. If the Bank acts more aggressively than the market is currently anticipating, we could see EUR/USD breaking below the lower bound of the aforementioned range, something that could open the way for another test near the 1.0900 (S2) support zone. On the contrary, if officials under-deliver again, as they did in December, the pair could emerge above 1.1030 (R1) and initially aim for the 1.1070 (R2) barrier. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500. Therefore, I would keep the view that the broader trend remains sideways.



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