ECBs Draghi will start press conference at 8:30 AM ET/ 1330 GMT
The ECB decision has led to a fairly limited response so far saying they expect to keep rates unchanged for an extended period of time. The EURUSD has had a high of 1.1830 and a low of 1.18247. That is not a heck of a lot of movement.
Draghi begins his press conference at 8:30 AM ET/1330 GMT.
Technically, the pair is trading above and below the 50% of the move down from the December high. That comes in at 1.18287. It is waiting for the next push.
The Fed is on a course to tighten 3 more times in 2018. The ECB seems intent on keeping rates steady for an extended period of time. That in and of itself should weaken the EURUSD but the FOMC was deemed less hawkish yesterday, and the ECB.... well we will hear what Draghi has to say.
Nevertheless, the pair is not moving and remains around the 50% retracement level of the last move lower and held some key swing support at the 1.1712-24 area on Tuesday. It is also above the 100 day MA (thanks to the move higher after the FOMC yesterday) and 200 hour MA at 1.1796. That is another area that if going down, it has to be broken.
On the topside, recall that the 1.1876 was the swing low going all the way back to June 2010. The price is not that far from that historic swing level. It remained a low for the EURUSD until the first week of 2015, and had not traded back above that level since this year.