EUR/USD & Draghi's testimony at European Parliament: 1.1300 on the cards?
Today at 14:00 GMT, ECB's President Mario Draghi will testify at the Committee on Economic and Monetary Affairs of European Parliament and markets are expecting volatility during his speech, because topics of inflation and QE may be discussed by the central bank's head. However, following Draghi's style, it might bring no hints about further steps on ECB's monetary policies and it can't produce the volatility that we expect.
Our technical view for EUR/USD at H4 chart is still showing a big sideways range, where the pair has been trapped since August. The resistance zone of 1.1246 is still strong and it might help to strengthen the overall bearish structure of EUR/USD (showed since August 18th). If Draghi's words are dovish, we can expect a breakout below the 1.1195 level, with the nearest target placed at the 1.1129 zone.