EUR/USD Technicals – 1.275/ 1.28 remains key ahead of ECB Rate Decision

Hourly Chart

Price was kept below 1.277 support turned resistance and supported by Yesterday’s Low, coinciding with today’s L3 level. With ECB rate decision coming in less than 6 hours, we could see prices trading flat. However, a short covering scenario should not be ignored, potentially bringing price back to the 1.277 – 1.287 range.

15 Min Chart

Daily Chart

From the Daily Chart perspective, 1.275 – 1.28 continue to be the significant supporting zone against bearish breakout. Our OANDA in-house Orderbook agrees with that sentiment as well, showing net Buy orders below current levels leading to 1.275, with the number of buy orders decreasing significantly past 1.275.

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