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EUR/USD regains the 1.1340 area

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency keeps reclaiming ground lost to the greenback on Monday, now sending EUR/USD back to test the 1.1340/45 band.

    EUR/USD weak, focus on ECB

    After a brief test of the 1.1300 area during the European morning, spot has managed to pick up pace and trim earlier losses following a wave of buying interest around EUR.

    Market participants remain wary however, in light of the upcoming ECB meeting (Thursday) and the always-effervescent press conference by President M.Draghi. Consensus amongst traders currently expects a dovish tone from the Council, with the ongoing QE programme and the stronger exchange rate taking centre stage.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.07% at 1.1339 and a break below 1.1300 (psychological level) would target 1.1232 (55-day sma) en route to 1.1216 (2-month uptrend). On the flip side, the next up barrier aligns at 1.1472 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24).
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