Support & Resistance Levels for EUR/USD Before ECB’s Draghi

The Euro has been feeling sort of weak recently after failing to break above 1.20 again last week. The decline extended below 1.18 yesterday, and we’re still below that level at the moment, but the price action has slowed.

The ECB (European Central Bank) President Draghi is holding a speech, later on, so the forex market is awaiting his comments. He’s making an appearance in about five hours. But, let’s have a look now at the levels which might offer some trading opportunities during Mario’s speech.

You can consider moving averages as support & resistance levels.

EUR/USD

Resistance

1 – 1.1800-10 (Medium – Today’s high)

2 – 1.1830 (Medium – 100 SMA on H4 chart)

3 – 1.1850-60 (Strong – 50 SMA on H4 chart)

4 – 1.1880 (Strong – This week’s high)

5 – 1.19 (Strong – Big round number)

Support

1 – 1.1780 (Medium – Yesterday’s low)

2 – 1.1750-60 (Medium – 200 SMA on the H4 chart)

3 – 1.1720 (Medium – Support two weeks ago)

4 – 1.17 (Strong – Big round number)

We don’t know what Mario Draghi might imply with his comments today. But the sellers are still in control at the moment. Anyway, keep these levels in mind today if the market makes a move. They should be good at pointing out enter or exit levels if you are trading this forex pair.