EUR/USD: minor correction vs a bearish bias - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair closed the week with gains around 1.1226, but off its weekly high of 1.1326, this last reached last Thursday, when the ECB made its economic policy announcement.

"Mario Draghi hit the common currency by maintaining the EU economic policy unchanged, and announcing that the Central Bank is still focused in implementing its latest decisions, rather than considering new ones. Holding above the 1.1200 figure, the daily chart shows that the pair is poised to start the week below a few pips below its 20 DMA, but above the 100 and 200 DMAs, both converging at 1.1160, while technical indicators in the mentioned time frame, turned modestly lower below their mid-lines, indicating that the pressure is towards the downside.

In the 4 hours chart, technical indicates are also within bearish territory, but with no clear directional strength, while the price is between its 100 and 200 SMAs, reflecting the absence of directional convictions around the pair."