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The pair failed to sustain above the 1.0550 level which is around an important daily MA – 5 MA.  The 10-year yield in the US weakened a bit today and was down 1.7 basis points at 2.093%, which helped the EURUSD pair to some extent. However, the gains might not take shape nicely as Draghi might create downside pressure during his speech and the German benchmark yields drop is also causing a problem as this analysis is being written.

Given the thin data docket in the Eurozone, the markets are likely to focus on Draghi’s speech. The ECB is also set to announce QE purchases later today. A disappointing figure could help strengthen the Euro.

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EURUSD Analysis – What’s In Store Ahead Of Draghi?

Best Forex BrokerEURUSD AnalysisThe shared currency was trashed recently against the US dollar, but seems to be finding support around the 1.0500 support area. It strengthened, taking the EUR/USD pair towards an important resistance of 1.0550 ahead of the European Central Bank (ECB) President Mario Draghi’s speech later today in Frankfurt. The mentioned even might spark a lot of volatility in the near term.