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EUR/USD backs away from highs after ECB minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD pulled back from daily highs and trimmed early gains following the release of the European Central Bank meeting minutes.

    ECB minutes showed some members believe deflation risks are still relevant and they must re-examine degree of policy accommodation in December and be ready to act if necessary.

    EUR/USD backed away from a 3-day high of 1.0717 and slid back below the 1.07 mark amid dovish comments from the ECB, but the setback was limited as investors were already pricing in further monetary stimulus at December meeting. At time of writing, EUR/USD is trading at 1.0690, still up 0.31% on the day.

    In contrast, on Wednesday Federal Reserve minutes showed members believed conditions for the lift-off could be met next month, but decision will be data-dependent. The lack of a clear sign weighed on the dollar that has been correcting over the last sessions.

    EUR/USD technical levels

    As for technical levels, next resistances could be found at 1.0719 (10-day SMA), 1.0757 (Nov 16 high) and then 1.0829 (Nov 12 high). On the other hand, supports are seen at 1.0616 (Nov 18 low), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low).
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