19 Jan 2015
EUR/USD clings to 1.1600
FXStreet (Edinburgh) -The common currency is now deflating from session tops around 1.1630 vs. the greenback, with EUR/USD now hovering over the key 1.1600 mark.
EUR/USD remains fragile
Better risk sentiment is helping spot to regain the 1.1600 neighbourhood, (partially) leaving behind the recent SNB-induced dip while market forces concentrate around the crucial ECB meeting on Thursday. Despite bets favour the announcement of some for of quantitative easing by the European Central Bank, there is still the hope for EUR-bulls that the central bank could disappoint markets, either by postponing QE for the March meeting or by announcing bond purchases below expectations, which are currently hovering over €500-750 billion.
EUR/USD levels to watch
As of writing the pair is up 0.29% at 1.1603 facing the next hurdle at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15). On the downside, a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003).
EUR/USD remains fragile
Better risk sentiment is helping spot to regain the 1.1600 neighbourhood, (partially) leaving behind the recent SNB-induced dip while market forces concentrate around the crucial ECB meeting on Thursday. Despite bets favour the announcement of some for of quantitative easing by the European Central Bank, there is still the hope for EUR-bulls that the central bank could disappoint markets, either by postponing QE for the March meeting or by announcing bond purchases below expectations, which are currently hovering over €500-750 billion.
EUR/USD levels to watch
As of writing the pair is up 0.29% at 1.1603 facing the next hurdle at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15). On the downside, a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003).