EUR/USD: better offered, targeting break of 100 day MA at 1.0624

Currently, EUR/USD is trading at 1.0639, down -0.22% on the day, having posted a daily high at 1.0685 and low at 1.0629.

EUR/USD is better offered after ECB's Draghi announced in London trade that there are no plans to raise rates, at least for 2017. The divergence between the Fed and ECB remains a driving factor for the downside, but investor concerns are growing in respect of Trump's ability to push through his plans for sweeping tax cuts.The US economy is expected to continue growing, but Q1 has not been as strong as markets had priced in. Markets are now cautious ahead of the US NFP report and the US-China presidents' summit starting today and concluding tomorrow. 

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EUR/USD levels

EUR has tested a fresh, marginal post-Fed low under 1.0650, 1.0628 the low, however, it has yet to resolve the four-session consolidation in the mid-upper 1.06s, as analysts at Scotiabank pointed out. "Momentum indicators are bearish and the 9 day MA has crossed below the 21 day MA. We look to a break of the 100 day MA at 1.0624 with risk to the March 15 open at 1.06." Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, technical readings are more neutral, with indicators stuck around their mid-lines, and the 20 and 200 SMAs converging flat, clearly indicating the absence of directional strength. Further Support levels are seen at 1.0620, 1.0590 and 1.0565 while resistance levels are noted at 1.0675, 1.0710 and 1.0750.