6 Mar 2014
EUR/USD flat as ECB looms
FXStreet (Edinburgh) - The single currency keeps the narrow range on Thursday, with the EUR/USD navigating between 1.3720 and 1.3740 so far.
EUR/USD calm ahead of the ECB
The pair seems to be submerged into the usual lull pre-ECB, trading around yesterday’s close near 1.3730 and extending the more ample correction lower from ytd peaks beyond 1.3820. In light of the ECB meeting, Strategist Kit Juckes at Societe Generale observed, “If the ECB does anything today it is likely to end sterilisation of SMP purchases…. EUR/USD is near the top of its range, and will head lower once US rates start to move up, but the ECB may boost risk appetite, hardly a difficult task during the current hiatus in the Ukrainian crisis”.
EUR/USD levels to watch
The pair is now up 0.03% at 1.3735 with the next hurdle at 1.3749 (high Mar.5) followed by 1.3782 (high Mar.4) and finally 1.3793 (high Mar.3). On the flip side, a break below 1.3707 (low Mar.5) would aim for 1.3703 (21-d MA) and then 1.3694 (low Feb.28).
EUR/USD calm ahead of the ECB
The pair seems to be submerged into the usual lull pre-ECB, trading around yesterday’s close near 1.3730 and extending the more ample correction lower from ytd peaks beyond 1.3820. In light of the ECB meeting, Strategist Kit Juckes at Societe Generale observed, “If the ECB does anything today it is likely to end sterilisation of SMP purchases…. EUR/USD is near the top of its range, and will head lower once US rates start to move up, but the ECB may boost risk appetite, hardly a difficult task during the current hiatus in the Ukrainian crisis”.
EUR/USD levels to watch
The pair is now up 0.03% at 1.3735 with the next hurdle at 1.3749 (high Mar.5) followed by 1.3782 (high Mar.4) and finally 1.3793 (high Mar.3). On the flip side, a break below 1.3707 (low Mar.5) would aim for 1.3703 (21-d MA) and then 1.3694 (low Feb.28).