EUR/USD Ahead of Draghi Speech

The EUR/USD is trading somewhat unchanged today gravitating towards 1.1760 in anticipation of the speech by Mario Draghi, the ECB President. The speech will most likely give indications how does the EU stand in terms of stability and future outlook and where the EU economy is headed.

Market sentiment remains bullish for the Euro as technically, the Euro is well positioned and it's stable enough to continue onto its second attempt to conquer the 1.20 level. If we hear positive news from President Draghi, bulls will not hesitate to jump in heavier and push price further up to first bull target at 1.1890. Second bull target is seen at 1.20 and third bull target is seen at the latest high at 1.2092.

On the other hand, a failure to meet market participants' expectations of a positive message, bears might attempt to take control and push it down to last low at 1.1736.

Chart: EUR/USD D1