EUR/USD - EUR/USD Awaits ECB Meeting Today - 01/19/2017 (GMT)

The European Central Bank has a monetary policy announcement today and yesterday we saw the dollar finally to gain back some of its strength on the back of some good economic data. The U.S. dollar drove the EUR/USD pair lower and failed to impress, as it failed to hit the 1.0800 resistance level. Currently, the single currency is developing near the 1.0640 level and the next immediate support is at 1.0580. If the market breaks the primary support level then, the price will go for the 1.0500 strong psychological barrier. Technical indicators are in contrast with the bearish thought so, a rebound on the aforementioned psychological level is possible. Additionally, a break above the 1.0720 resistance barrier, will open the way for the 1.0800 handle. The MACD oscillator is moving higher within the positive territory while the RSI indicator is pointing upwards.