EURUSD is testing rising support from 1.2754 ahead of Eurozone rate decision !

EURO-Dollar-min

As shown on the daily chart below, the EURUSD has tested the rising support line from 1.2754/1.3294 ahead of ECB Press conference and Eurozone rate decision , the pair has hit a strong and a solid medium term support , taking a look from technical and fundamental view ; what would happen next would decide the next destination for EURUSD pair. since the EURUSD in a strong uptrend , I believe   EUROzone’s data would only change trend direction.

Fundamentally : What would happen in press conference and  rate decision usually affects the near future of the currency.

Technically : Break of 1.3655 on a daily basis would open 1.3770 and challenge 1.3890 levels, above 1.3892 would target 1.4000 levels .On the downside ; a break below the rising support line from 1.2754/1.3294 levels would add strong negative pressure on the pair , losing the sloping support line – red thick line – will have large bearish implication towards 1.3294 levels..

 

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