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EUR/USD Outlook: The Euro Remains In Defensive But Struggles At Important 1.1305 Fibo Support, ECB In Focus

The Euro probes again below cracked pivotal support at 1.1305 (Fibo 61.8% of 1.1234/1.1419) after strong fall in past three days dipped to 1.1289 but failed to close below 1.1305 in first attempt.

Bearish daily techs and stronger dollar maintain pressure as traders await ECB meeting on Thursday for more signals.

Today’s close below 1.1305 would further weaken near-term structure and risk extension through next support at 1.1278 (Fibo 76.4%), while repeated close above 1.1305 would slow bears.

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Falling 20SMA marks pivotal barrier at 1.1327, close above which would generate initial reversal signal.

The European central bank is expected to keep policy unchanged and market participants expect dovish tone from President Mario Draghi.

Res: 1.1310, 1.1327, 1.1346, 1.1382
Sup: 1.1289, 1.1278, 1.1234, 1.1200

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