Technical Analysis: EURUSD keeps bounces off support-turned-resistance ahead of ECB
EURUSD remains on the front foot after the previous day's pullback from one month low while waiting for the European Central Bank (ECB) monetary policy meeting decision. Although a popular leak has already suggested upward revision to the short-term economic forecasts from the policymakers, markets are anticipating any more positive surprises even as no policy changes are expected to be announced. As a result, the pair buyers currently aim for August 21 high near 1.1880 before challenging the 1.1900 threshold. During the pair's run-up past-1.1900, the 1.1960 and a recent high near 1.2010 will lure the bulls prior to highlighting an ascending trend line from July 31, at 1.2045 now.
On the contrary, any disappointment from the ECB needs to break the previous resistance line, now support, near 1.1770 to give controls back to the bears targeting 1.1500-1490 support confluence including 50-day EMA and March top. During the south-run, the August month's low of 1.1695 and 1.1600 may offer intermediate halts. It should, additionally, be noted that the quote's downside past-1.1490 will change the trend to bearish and recall June levels below 1.1200.