Draghi to speak at the top of the hour
Draghi is in European Parliament today. Lately, he’s been getting snarky with grandstanding politicians.
The euro sagged in Asia but bids at Friday’s low of 1.1161 held on a couple tries and the pair has been tip-toeing higher since.
The early European high of 1.1190 is the top of the range so far and EUR/USD sits just below with Draghi only a few minutes away. The top corresponds with the 38.2% retracement of Friday’s fall.
A break would target a rise to 1.1200 but with spreads and liquidity being what they are, that’s not a realistic trade. The only reason to get involved would be a clear hawkish signal from Draghi.