EUR/USD Technical Analysis: Bounces off an important resistance turned support, Draghi in focus

   •  The pair quickly reversed an early dip to an important resistance break-point, now turned support, near the 1.1725 region and inched back closer to the 1.1800 handle.

   •  The mentioned support represents the neckline resistance break-point of a bullish inverted head & shoulders chart pattern formation on the daily chart.

   •  A subsequent move beyond 50-hour SMA might now be seen as a key trigger for bullish traders, raising prospects for further intraday up-move.

   •  Technical indicators on the 1-hourly chart have also started gaining positive traction and add credence to the constructive outlook ahead of the ECB President Mario Draghi’s testimony.
 

EUR/USD 1-houly chart

Spot Rate: 1.1771
Daily Low: 1.1724
Trend: Intraday bullish

Resistance
R1: 1.1800 (round figure mark)
R2: 1.1832 (R2 daily pivot-point)
R3: 1.1852 (June month swing high)

Support
S1: 1.1724 (current day swing low)
S2: 1.1691 (S2 daily pivot-point)
S3: 1.1645 (100-period SMA H4)