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EUR/USD: ECB coming up this week - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXstreet explained that risk aversion was the main market mover last week, with oil prices plummeting to over 12-year lows, ending the week below $30.00 a barrel.

    Key Quotes:

    "As for the EUR, the common currency benefited from its funding-currency condition, although it remained range bound against its American rival, still unable to find a certain direction. The pair advanced up to 1.0984 on Friday, but closed the week almost flat, a few pips below the opening, around 1.0916."

    "For this week, the calendar will be quite busy in Europe, but the ECB meeting, Thursday, will likely gather the most attention, as latest Draghi's decision rocked the forex board."

    "Rallies towards the 1.1000 figure continued to attract selling interest, but a slightly bullish tone prevails according to technical readings, given that the pair has recovered sharply from the 1.0710 region, tested early January, the 61.8% retracement of the December rally, and currently struggles to overcome the 23.6% retracement of the same rally at 1.0925."
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