EUR/USD Technical Analysis: Remains capped below 50% Fibo. level post-Draghi

   •  Barring an early European session dip, the pair has been oscillating within a narrow trading band above the 1.1400 handle/just below 50% Fibonacci retracement level of the 1.1570-1.1289 recent downfall.

   •  Given the latest leg of an upsurge to near three-week tops, the consolidative price action constitutes towards the formation of a bullish continuation - rectangle chart pattern on the 1-hourly chart.

   •  The fact that the pair remains well above its important intraday moving averages - – 50, 100 & 200-hour SMA, reinforces the constructive outlook and support prospects for an extension of the positive move.

   •  Meanwhile, technical indicators on hourly charts maintain their bullish stance and have just started gaining positive traction on the daily chart, and further add credence to the near-term positive bias.

   •  Bullish traders, however, are likely to wait for a sustained move beyond the 1.1430 region (50% Fibo.) before positioning for any further appreciating move amid a more dovish tone by the ECB President Mario Draghi.

EUR/USD 1-hourly chart