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  4. EUR/USD 4 hour time frame pullback

EUR/USD 4 hour time frame pullback

December 06, 2016 06:39

The latest Italian referendum initially saw the EUR/USD down to 1.0505 and that went with our expectations, although the pair didn't reach 1.0461 and below that would open the door to parity. The EUR/USD was subsequently bought heavily and shrugged all the losses it had made. The main event this week is ECB meeting and their press conference. The head of the ECB, Mario Draghi, is expected to announce that the central bank has several tools available to help avert a funding crisis, not neglecting the possibility that the ECB will be buying more Italian debt in the upcoming months.

Technically the EUR/USD is close to POC within 1.0790-1.0820 zone (61.8, bearish order block, descending trend line) . Due to previous range the zone is wider now. If it rejects from the zone pay attention to 1.0676 where we have a strong support now. any break below 1.0670 should target 1.0610 initially. Breakout above 1.0750 has happened yesterday so at this point we need to see if the pair will reach the POC zone and reject from there.


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