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Forex pairs in this Article » EUR/USD (Barcelona) - EUR/USD made overnight support at 1.3570 before climbing to where spot is presently trading at 1.3597 and facing resistance at the round number alongside the hourly 50 and 100 SMA´s.

EUR/USD positioned for a decline post ECB?

Despite a couple of forays below the previous weekly low at 1.3570, EUR/USD has remained range bound between the 0-23.6% retracement from the Dec 27- Jan 6 decline. Spot climbed overnight to approach the 1.3600 level where resistance can be found at the psychological number, alongside the hourly 50 and 100 SMA´s. Looking at the 4H chart we can see that both the 50 and 100 SMA´s are sloping lower and approaching a downside cross of the 200 SMA around 1.3670. Later today the headline event remains the ECB interest rate decision, and policy statement and press conference. Danske Bank strategists are expecting spot to take a turn lower, should ECB President Draghi highlight the possibility of a deposit cut in the future as a response to deflation risks.

What are today´s key EUR/USD levels?

Hourly RSI sits at 53, with ADX at 26. The daily central pivot point can be found at 1.3590, just below where spot is presently trading. Support below can be found at 1.3552, (Jan 8 Low) 1.3545 (S1), 1.3524 (Dec 2-3 Lows), 1.3507 (S2), and 1.3462 (S3). Resistance above sits at 1.3628 (R1), 1.3634 (Jan8 High), 1.3655 (Jan 7 High), 1.3668 (1D 20 EMA), 1.3673 (R2), 1.3682 (1H 200 SMA), 1.3711 (R3) . On a weekly chart a Dark Cloud Cover candle stick pattern can be seen.
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