The key support level is placed at 1.1550 and 1.1530/1.1525 followed by 1.1500 and 1.1460. If the price action started moving upwards, key resistance levels to watch out are 1.1615 and 1.1660.
A break above the second resistance 1.1660 needed to initiate a strong recovery to 1.1730 and 1.1790. We believe ahead of the Thursday’s ECB event risk; the price action may have contained within the 1.1525-1.1660 range unless a fresh catalyst emerges. The daily studies RSI is a tad below 50.00, and the oscillator is remaining bearish. Under these conditions, a recovery back above 1.1660 still seems difficult today.