ECB awaited. Technically what do we look like today?
The EURUSD moved higher and broke above the 1.0600 level off some better data, but then retraced back lower. This is likely to be the way it will be as trading becomes a sell moves higher. and buy moves lower into the ECB decision.
Technically are there any levels of interest?
Looking at the hourly chart, I see the 100 hour MA catching up to the price and the market trading above and below it in trading today. It is currently at the 1.05955 level. A trend line coming down from the Nov 19 high cuts across at 1.0603. We are moving above that line currently, and went above it earlier today only to fail on the break. This being the 2nd look will have traders looking for the line to hold. If it does not, back to the drawing board.
On the topside. the range for the day is still low at 56 pips. So if there is support at the 1.0600 area now, the pair could see a move toward the big green line above at the 1.06286. The 38.2% of the move down from the Nov 19 high comes in at 1.06357. This area should find sellers.\
The pair is in a wait and see mode before the ECB. Before then, trading will be more about taking intraday shots and hoping "the market" agrees. Later today, we will have the ISM Mfg which has the potential to give the market a little boost in volatility. The Market Mfg. PMI comes out at 9:45 (est 52.6), while the more followed ISM Mfg index will be released at 10 AM (est 50.5).