The Single currency remains to trade in the same 1.15187 - 1.16633 range as investors await the ECB statement set to be released today. Investors will be focusing on what Draghi has to say in regards to the wide array of risks faced by the Eurozone and their effect on future monetary policy. The major risks faced by the EU are: political unrest in Italy and the government's plan to bypass the ECB through unacceptable government spending, trade pressures faced from the U.S, the Brexit deal, and the economic problems faced in emerging markets. Moreover, investors will be looking to see if Draghi will maintain a confident stance in regards to ending Quantitative Easing at the end of this year.
The Euro continues to range between the same levels since the beginning of the month. Today's ECB statement will be crucial in determining the trend of the pair for the next few weeks. A hawkish statement will help the pair break the 1.16633 resistance level exposing the 1.17336 level. A pessimistic outlook and statement will drive the pair lower and possibly lead to a break below the lower end of the range at 1.15187 which will then expose the 1.14750 level.
Support: 1.15187 1.14750
Resistance: 1.16633 1.17336