The EUR/USD is holding to its gains despite the volatile Euro between wins and losses, however, there is still a case of stability for the EUR/USD around 1.0900 before the ECB’s meeting today. The pair recovered rapidly from yesterday’s drop to its lowest levels to the support founded at 1.0860, and managed at the time of writing to return and settle above 1.090, all the way to 1.0921. The pair ignored the announcement from Trump’s administration regarding the tax plan which didn’t support the greenback. The result of the first French elections round remains an essential factor supporting the Euro gains against other major currencies. As the Euro stayed under severe bearish pressure until the results of this crucial elections were announced.
Technically: the EUR/USD is still in a strong bullish move qualifying the pair to aim towards the psychologically important barrier at 1.1000, which may open the door to test new bullish records. On the bearish side, the nearest support levels for this pair are currently located at 1.0860 and 1.0780, and any bearish movement for the pair should be a buying opportunity, as the bullish momentum is still the strongest.
On the economic data front: the EUR/USD pair will remain focused today on the ECB’s announcement regarding the fiscal policy, among expectations that the bank will maintain the rates as is. During the US session, there will be the announcement of the durable goods orders and the unemployment claims, as well as the market sentiment towards the announcement of the tax plans by Trump’s administration.
