EUR/USD Technical Analysis: 1.14 could be scaled ahead of the ECB

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The EUR/USD pair may find acceptance above 1.14, having witnessed a bull flag breakout on the 15-minute chart a few minutes before press time.

15-minute chart


	EUR/USD Technical Analysis: 1.14 could be scaled ahead of the ECB

Flag breakouts usually end up accelerating preceding bullish moves. As a result, there is scope for a rally to 1.1426 (target as per the measured move method, that is, pole height added to breakout price).

Daily chart


	EUR/USD Technical Analysis: 1.14 could be scaled ahead of the ECB

The pair closed above 1.1374 (Tuesday's high) yesterday, validating the bear exhaustion signaled by Tuesday's "long-tailed" candle.

Indeed, the European Central Bank (ECB) President Draghi is widely expected to sound dovish. The recent drop in EUR/USD from 1.1570to 1.1336 likely indicates that markets have already priced in the dovish turn.  The timing of the first deposit rate hike was pushed back to mid-2020 earlier this month.

Trend: mildly bullish

EUR/USD

Overview:
    Today Last Price: 1.1386
    Today Daily change: 0.0004 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1.1382
Trends:
    Daily SMA20: 1.1426
    Daily SMA50: 1.1391
    Daily SMA100: 1.1456
    Daily SMA200: 1.1589
Levels:
    Previous Daily High: 1.1396
    Previous Daily Low: 1.1351
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1378
    Daily Fibonacci 61.8%: 1.1368
    Daily Pivot Point S1: 1.1357
    Daily Pivot Point S2: 1.1331
    Daily Pivot Point S3: 1.1312
    Daily Pivot Point R1: 1.1402
    Daily Pivot Point R2: 1.1421
    Daily Pivot Point R3: 1.1447

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