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EUR/USD – Needs to take out trend line hurdle

FX:EURUSD   Euro Fx/U.S. Dollar
Pair’s rebound from 50-DMA on Tuesday followed by a move to a high of 1.1327 on Draghi’s comments today is not enough to bring in fresh bulls as they would want to see the spot take out rising trend line (drawn from July 27 low – Aug 9 low) resistance seen today around 1.1338.

A day end close above the same would open doors for a rally to 1.15 levels over the next week. A move above 1.1338 would add credence to the bullish turn in the daily MACD .

On the lower side, only day end close below 200-DMA would motivate the bears.
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