EUR/USD diminishes with ECB meeting looming

Bullish intentions of the Euro failed near the 1.1390 mark on Wednesday. Additionally boosted by upbeat US housing figures, EUR/USD dropped back under the weekly pivot and closed below 1.13. The focus is now turning to the cluster of supports at 1.12 with the key look at the monthly pivot, weekly S1 and 55-day SMA. Moreover, the lower Bollinger band is heading upwards, currently at 1.1164. Dovish Draghi is expected to send the pair to this area, which is going to attempt containing the loss. Today, daily technical indicators are also showing negative signals.  

Notwithstanding an increase in the number of long SWFX market positions to 43% from 41%, pending orders were forced to deteriorate (less than 40% long now) just before the scheduled ECB meeting today.