22 Jan 2015
EUR/USD eases below 1.1600, ECB in focus
FXStreet (Mumbai) - EUR/USD erased overnight gains and edged lower heading towards the European opening bells, as traders speculate over the structure of the QE program likely to be unveiled at the ECB Meeting later in the session.
The EUR/USD inched -0.22% down so far and trades close to fresh daily lows at 1.1582 levels. The pair continues to trade below 1.16 mark as traders resorted to profit-taking before the key ECB event. Moreover, traders remain cautious especially after the leaked reports stated that the ECB may propose about EUR 600bn stimulus commencing from March. The amount proposed falls much lower than market expectation of EUR 1tn.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1618 (Today’s High) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.1539 (Jan 20 Low) levels, below which it could extend losses to 1.15 levels.
The EUR/USD inched -0.22% down so far and trades close to fresh daily lows at 1.1582 levels. The pair continues to trade below 1.16 mark as traders resorted to profit-taking before the key ECB event. Moreover, traders remain cautious especially after the leaked reports stated that the ECB may propose about EUR 600bn stimulus commencing from March. The amount proposed falls much lower than market expectation of EUR 1tn.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1618 (Today’s High) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.1539 (Jan 20 Low) levels, below which it could extend losses to 1.15 levels.