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EUR/USD slips to lows near 1.1330, ECB eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is now running out of steam vs. the dollar, dragging EUR/USD to the area of session lows around 1.1330.

    EUR/USD attention to the ECB

    It is ECB day! The pair will remain under pressure as a dovish tone is expected from President M.Draghi at his press conference, where the current QE programme most likely to be under the microscope in light of the stagnant inflation figures in the region.

    Other than the ECB gathering, EMU’s flash Consumer Confidence for the current month is due, followed by the releases in the US calendar: Initial Claims, Chicago Fed index, Existing Home Sales and CB’s Leading Indicator.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.05% at 1.1333 and a breakdown of 1.1315 (23.6% Fibo of 1.3992-1.0463) would target 1.1255 (55-day ma) en route to 1.1181 (100-day ma). On the flip side, the next hurdle lines up at 1.1438 (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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