On Wednesday, Euro continued to fall, and the USD continued to rise, after the nearly one-month low reached last week. Rising U.S. bond yields and safe-haven capital flows were boosted, prompting funds to be cautious before the European Central Bank meeting this week. It is expected that on the Thursday meeting, there will be a fierce debate on the reduction of debt purchases. The market currently expects that debt purchases may be reduced from the current US$80 billion per month to US$60 billion.
From a technical point of view, Euro’s daily graph closed bearish with a long upper shadow. In the short term, the price breaks through the upward trend line. The indicators before the meeting are neutral. H4 graph shows that the candle is under the middle Bollinger band, and the MACD volume energy column is shrinking. Overall prioritize operation within the fluctuation zone. Waiting for the ECB meeting. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1860.
Resistance：1.1860-1.1890-1.1950
Support：1.1830-1.1800-1.1780
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