EUR/USD recap for 24.02.2016
Euro is having a hard time now being dragged down with the pound. Price yesterday tested successfully 1.09582 and managed to get up back at 1.10. Price opened at 1.10175, made a low at 1.09571 after trying to breach 1.10457 and closed at 1.10129. 1.09582 was important to test as it was the breaking level for the daily flag formation which was breached in the aftermath of Dudley's event on 02.03. A brake bellow will open the doors for 1.09340 and 1.08730. This will for sure depend on how fundamentals are coming up for the Europeans and we are heading in-to March for Mario Draghi's moment of truth. To QE or not to QE? The full-time question since 2009. And what about NIRP? (Negative interest rates). Draghi will reveal whats on his mind soon enough. Eur/usd may get stuck into a range now between 1.09582 and 1.10697 from my view until events unfold themselves.
Trade the upcoming range, scalp or wait just for Draghi's event in March.