EURUSD Forecast And Key Levels based on MM lines

The focus for the pair was on the ECB’s policy decision at 1245 GMT. The central bank is all but certain to keep policy unchanged but may tweak its communication stance to offer at least a few clues about its progress toward ending its unprecedented bond purchases later this year.

Technically:

EURUSD is trading at 1.24058 as of writing.

The trend on the longer chart timeframes is still bullish. The price is above all main Moving Averages.

The main resistance is 1.24512 on the Daily Chart. Price must break above the resistance to continue its upward movement.

To understand the intraday levels, we would like to take a look a the 4 Hours Chart.

1.23900 and 1.24200 are the key levels of today.

If the price breaks above 1.24200 ( Murrey Math 7/8 ) 1.24500 and 1.24800 will be the targets of the pair.

If the price breaks below 1.23900 ( Murrey Math Pivot 6/8) 1.23600 and 1.23300 will be tested.

We may see high volatility during ECB announcement.