The pair remains unders pressure since it has rolled-over ahead of its long term descending trendline started in May.
The Euro managed to bounce in yesterday’s session which might lead to another test of this key resistance now around 1,44.
With the important ECB rate decision (11:45 GMT) along with M. Trichet statement (12:30 GMT), we might see the EUR/USD moving significantly in one direction.
A break above 1,44 would confirm an overall bullish bias taking into account a long term analysis (weekly chart). In this event, 1,47 will be the immediate objective (weekly bollinger band).
Inversely, we can’t deny a possible bearish resumption which would confirm the descending trendline with an immediate target at key 1,40 level. We would consider this scenario with a break below the weekly low at 1,4140.
