21 Jan 2015
EUR/USD on a better mood, around 1.1580
FXStreet (Edinburgh) - After dipping to 1.1540 in early trade, EUR/USD met buying interest and escalated to session tops in the boundaries of 1.1590 on Wednesday.
EUR/USD in a narrow range
While rumours regarding the potential size of the quantitative easing programme (to be unveiled by the ECB tomorrow) continue to build up amongst traders, the pair remains locked within the low-1.1600s and 1.1540. In the view of analysts at UOB Group, “The current movement is likely part of a consolidation phase which may last for a couple of days. For today, expect range trading, likely between 1.1560 and 1.1660”.
EUR/USD key levels
As of writing the pair is up 0.26% at 1.1581 with the next resistance at 1.1615 (high Jan.20) followed by 1.1639 (high Jan.19) and then 1.1649 (high Jan.16). On the downside, a break below 1.1528 (61.8% of 1.1460-1.1639) would aim for 1.1460 (11-year low Jan.16) and finally 1.1445 (low Nov.11 2003).
EUR/USD in a narrow range
While rumours regarding the potential size of the quantitative easing programme (to be unveiled by the ECB tomorrow) continue to build up amongst traders, the pair remains locked within the low-1.1600s and 1.1540. In the view of analysts at UOB Group, “The current movement is likely part of a consolidation phase which may last for a couple of days. For today, expect range trading, likely between 1.1560 and 1.1660”.
EUR/USD key levels
As of writing the pair is up 0.26% at 1.1581 with the next resistance at 1.1615 (high Jan.20) followed by 1.1639 (high Jan.19) and then 1.1649 (high Jan.16). On the downside, a break below 1.1528 (61.8% of 1.1460-1.1639) would aim for 1.1460 (11-year low Jan.16) and finally 1.1445 (low Nov.11 2003).