After Mario Draghi, the president of European Central Bank (ECB) held his speech last week hinting that ECB will keep the rate unchanged until end of 2019 also warning a slowing economy the pair dropped from 1.13165 to 1.11812. On Friday the pair picked up and showed some recovery forming a resistance level at 1.12458 and currently the pair is just below 50 MA (Moving Average). By today we expect the pair to remain bearish along with some consolidation at the opening. Breaking above the 50 MA the pair is expected to move higher than Friday close 1.12316 towards 1.12902.
KEY SUPPORT LEVELS: S1 – 1.12075, S2 – 1.11565, S3 – 1.11852, S4 – 1.11766
KEY RESISTANCE LEVELS: R1 – 1.12466, R2 – 1.12763, R3 – 1.12935, R4 – 1.13119
