EURUSD dips below 1.1500 ahead of ECB

EURUSD

The Euro is holding in red on Thursday and probes below 1.1500 handle in extension of easing from Tuesday’s fresh multi-month high at 1.1583.
Overbought daily technicals favor deeper pullback which could be helpful for larger uptrend, as dip-buying strategy remains in play. ECB’s decision today could delay bulls and provide opportunities for longs on deeper dips on dovish tone from chief Draghi.
Violation of initial support at 1.1476 (daily Tenkan-sen) would spark further downside and risk extension towards pivots at 1.1400 (20SMA) and 1.1370 (13 July trough).
Conversely, stronger bullish acceleration could be expected on ECB’s hawkish stance and may drive the pair towards strong barrier at 1.1735 (Fibo 38.2% of 1.3992/1.0340 descend).

Res: 1.1532; 1.1565; 1.1583; 1.1614
Sup: 1.1476; 1.1458; 1.1400; 1.1370