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EUR/USD ahead of the ECB announcement

It has been a strong week for the EUR/USD so far, with the recent strength confirming the double bottom formation on the daily chart. At 1.3114 at the time of writing, the pair remains on the upside and is challenging its resistance. With the RSI above its neutrality area, the single currency seems to have the wind in its sails. A break above 1.3155 would open the door for the key resistance level at 1.3164 completing the double bottom formation. From that point and on we would need a catalyst to see further advances. In the alternative scenario, a consistent break below 1.30 would change the bias to the downside. In any case, we expect a lot of volatility today with the interest rate decision from the ECB high-lightening the economic calendar during European hours.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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