On Tuesday, the EUR/USD pair was declining until Wholesale Inventories statistics were released in the US. The indicator came in above the forecast of 0.0%, having grown by 0.5%, that suggests an economic slowdown and negatively affects the US dollar . After the publication, the pair started strengthening and, at present, is trading in the area of 1.0760.
Today, attention needs to be paid to the ECB President Mario Draghi's Speech.
Support and resistance
On the hourly chart, the price is trading above MA10 and MA20 that have crossed each other and are directed up. histogram is leaving the negative zone, its volumes are growing. Today, the price is likely to remain within the range of 1.0665-1.0770 that is confirmed by the location of MAs.
In general, the indicators suggest positive dynamics, but the pair will be under pressure until the ECB President Mario Draghi's Speech.
Support levels: 1.0700, 1.0665.
Resistance levels: 1.0770, 1.0975.
Long positions can be opened after the consolidation above the level of 1.0770 with the target at 1.0830 and stop-loss at 1.0750.
Short positions can be opened after the consolidation below the level of 1.0665 with the target at 1.0600 and stop-loss at 1.0720.