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This Thursday we have important press conferences from both Yellen (FED) and Draghi (ECB) on policy. This is in conjunction with the Unemployment Claims number for the US on the same day, which drives our hypothesis that the EUR/USD will remain down to sideways running into Thursday. We are short this pair with very limited size, since it is quite speculative and the dollar was recently aggressively sold. Short term, if 1.1350 breaks then expect a revisit to 1.1300. The major technical that comes into play here is the monthly 20 EMA and other stiff pivot point resistance numbers at about 1.1450. If we break the highs of 1.4330 short term then most likely our hypothesis is wrong and we will visit 1.4550 topside very quickly. Good luck and remember to consider your positive size.
This Thursday we have important press conferences from both Yellen (FED) and Draghi (ECB) on policy. This is in conjunction with the Unemployment Claims number for the US on the same day, which drives our hypothesis that the EUR/USD will remain down to sideways running into Thursday. We are short this pair with very limited size, since it is quite speculative and the dollar was recently aggressively sold. Short term, if 1.1350 breaks then expect a revisit to 1.1300. The major technical that comes into play here is the monthly 20 EMA and other stiff pivot point resistance numbers at about 1.1450. If we break the highs of 1.4330 short term then most likely our hypothesis is wrong and we will visit 1.4550 topside very quickly. Good luck and remember to consider your positive size.