EUR/USD - Remains Beneath 1.2000 and Awaits ECB Policy Meeting for Volatile M - 09/07/2017 (GMT)

The common currency pair is moving slightly higher so far this week, adding just 0.56% to its performance. The EUR/USD pair posted three straight bullish days and the ECB interest rate decision today may drive the price towards the 1.2070 resistance level or moreover until the 1.2135. The latter level is the 50.0% Fibonacci retracement level of the big upward movement on the monthly chart, with low at 0.8310 and high at 1.6038. It is worth to mention that the pair posted the sixth positive month in a row and climbed above the 50-month SMA.

On the other side, in case of a penetration of the 1.1820 support handle will drive the price at 1.1750, which coincides with the 50-day SMA and moreover, at 1.1690 support level. On the daily timeframe, the RSI indicator is trading above the 50 level with weak momentum, whilst the stochastic oscillator is moving higher. Also, the MACD oscillator is flattening above the zero line and below the trigger line.