The underside of the broken trend line holds support
The EURUSD it is trading above and below its 100 day moving average at the 1.1129 level as Draghi's final presser gets underway.
Earlier in the day, the price of the EURUSD shot higher on the back of better France PMI data, but came back down after German/EU data disappointed. The high for the day also stalled near swing areas going back to August. The end of last week and earlier this week, the price did extend above that swing area, but failed and rotated lower. Today, the sellers were leaning.
On the move back down, the price has found support against the underside of the broken channel trendline (at 1.1120 currently). The low for the day reached to 1.11195 so far). A move back into that channel would make the technical picture more bearish.
On the topside, watch the 1.11398 level. That is the 100 hour moving average. A move above would be more bullish technically. Yesterday, the pair moved up to test that MA, and backed off. Today in the Asian session the price tried to extend above, only to find sellers again (the data helped to spike the price higher - see chart below).
PS. As the Draghi presser progresses,, there can be volatility on the back of interpretation from what Draghi says. However, it would seem that he would not look to rock the boat at his last meeting.
