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EUR/USD stuck around 1.0950 ahead of Fedspeak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is now moving within a narrow range in the mid-1.0900s, keeping the red territory after deflating from overnight tops in the boundaries of the 1.10 handle.

    EUR/USD focus on data, ECB

    Spot remains unable to gather any traction today as market participants are slowly adopting a cautious tone ahead of the ECB meeting on Thursday. In fact, speculations of further easing by the central bank have been on the rise since the release of lower-than-expected inflation figures in the region in late February.

    However, scepticism around the ECB and its effective ability to deliver has been explaining part of the current resilience of EUR at current levels.

    On the data front, the Fed’s LMCI is due next, although the attention will be on the speeches by Brainard and Fischer due later in the NA session.

    EUR/USD levels to watch

    The pair is now losing 0.44% at 1.0952 and a break below 1.0916 (100-day sma) would expose 1.0867 (76.4% Fibo of 1.0709-1.1379) and finally 1.0823 (low Mar.2). On the other hand, the next up barrier aligns at 1.1046 (200-day sma) ahead of 1.1054 (20-day sma) and then 1.1071 (high Feb.26).
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