minyangshi9409
Short

Wait for clear trading signal

FX:EURUSD   Euro / U.S. Dollar
Euro is continuously dropping before Draghi's speech. Market is waiting for message of EBC's standpoint on monetary policy . Currently, it's forming head and shoulder pattern and supported at 1.1255. As usual, Draghi's dovish tongue'll make Euro drop sharply. Thus. it's likely that Euro'll lose the key support, which will carry a larger bearish implication that rebound should be confirmed from 1.1185. Intraday bias is back on the downside for 50% retracement of 1.1285 to 1.1185 at 1.1235. The further decline should be seen to 61.8% retracement at 1.1220. On the upside, though steadily stand above 1.1255 will turn focus back to 1.1285 instead.

The target is 1.1220.
Turning point: 1.1255.
Under 1.1255, bearish , target price is set at 1.1235, then 1.1220.
Above 1.1255, bullish , target price is 1.1285.

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