EUR/USD has managed to stage a rebound following Tuesday's decline. The pair could struggle to find direction ahead of the European Central Bank's (ECB) monetary policy announcements on Thursday, FXStreet’s Eren Sengezer reports.

EUR/USD is yet to gather recovery momentum

“The lack of decisiveness behind the market pricing of the ECB rate decision could cause EUR/USD's action to remain choppy on Wednesday.”

“On the upside, 0.9935 (20-period SMA) aligns as immediate resistance ahead of 0.9980 (static level, 50-period SMA) and 1.0000 (psychological level, 100-period SMA).”

“Supports are located at 0.9900 (psychological level), 0.9880 (static level) and 0.9860 (20-year lows).”