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
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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