EUR/USD wants 1.2500 as Draghi speech approaches

• EUR/USD still testing higher, 1.2500 within a good day's grasp.
• ECB President Draghi speaks at 16:00 GMT in Strasbourg.

Euro bulls will be looking to keep the upwards momentum going in Europe today following the NFP bounce last week. Despite forecast-busting NFP and wages data for the US last Friday, the Euro is still on pace, clawing back any gains made by the US Dollar recently. Price continues to trade dangerously close to three-year highs, as Dollar selling is the popular market theme of 2018.

European markets have Markit Service PMIs today for the broad region, with staggered releases for Spain(08:15 GMT), Italy(08:45), France(08:50), and Germany(08:55); Services and Composite PMI for the overall European Union will finish off the Markit data at 09:00 this morning. Traders can expect some volatility around 16:00 when Mario Draghi, the President of the European Central Bank, testifies before the European Parliament in Strasbourg; market participants hoping to glean clues about the ECB's interest rate policy going forward.

The last time Mario Draghi addressed markets turned into a disaster, with Draghi lambasting US Treasury Secretary Steven Mnuchin with his blatant verbosity in regards to US Dollar values; failing to curtail the Euro with his wasted words, Donald Trump wound up being the man with the words needed to stop the Dollar's collapse that day, but even that reprieve was fleeting, and the Euro has continued to gain value. With a high Euro beginning to squeeze market operations within the Eurozone, Mario Draghi can be expected to choose his words more carefully today.

EUR/USD Technicals

The Euro continues to trade at eye-watering levels, closing higher against the USD for a seventh straight week on Friday. Technical indicators on Daily charts have begun to flatten with price action playing so one-sided, and long-term traders will be looking for exhaustion to take over the EUR/USD technical trend rather than an outright reversal. H4 charts have trendline support in the 1.2450 area, but a decisive bullish tone through Tokyo or in Europe will have the pair once again aiming at 1.2500.

Today's pivot points:
R2: 1.2569
R1: 1.2512
PP: 1.2461
S1: 1.2404
S2: 1.2352