EUR/USD Rebounds Ahead Of ECB Meeting

The EUR/USD rebounded ahead of ECB meeting

The EUR/USD gains and reached 1.1155 after touching 1.1098 low ahead of European Central Bank (ECB) meeting due on Thursday. The Eurozone inflation report (CPI) will give signs of how the ECB is going to react regarding monetary stimulus program, and a reversal in ECB monetary policy will push the euro higher and breaking the resistance point 1.1170 might create a bullish wave and expand its gains to touch 1.1200, 1.1215 and 1.1235 respectively.

However, the euro remains under pressure on high volatility in the market and the SSI remains bearish on the EUR/USD and cutting the support point 1.1100 will create a bearish move toward 1.1086 and then continue moving lower toward 50% Fibonacci Expansion 1.1067.

EUR/USD Daily Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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