38 big pip trading range so far as Draghi awaited
The EURUSD is in a whooping 38 pips trading range as the Draghi press conference is awaited at 8:30 AM ET. The pair has kept the 100 hour MA above, but risk is high through his comments and Q&A. The market will be looking for any reference to additional QE and/or an extension. That would be the most bearish of scenarios. Without the reference, the market may look to give up on the downside. Of course US initial claims and Trade will also be released.
Technically, the 100 hour MA will be the bullish/bearish line in the sand. A move above and the bias turns more bullish. Stay below and it is more bearish. The main targets on more dovish comments will have the pair targeting the low from last Friday at 1.11549 and then the 100 day MA at 1.1109. This level should give a cause for pause.
On the topside, less dovish comments will look first toward the 1.1285 level which is the 200 day MA currently. Above that is the 200 hour MA at 1.1329.
