EUR/USD waiting for ECB near 1.1300

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/USD remains entrenched in the negative territory in the second half of the week, currently hovering over the 1.1315/10 band.

    EUR/USD supported at 1.1300… for now

    The pair has briefly tested the critical support at 1.1300 the figure in early trade, although the selling pressure lacked of follow through and left it meandering in the low-1.1300s for the time being.

    It is all about the ECB meeting today. Although the central bank is expected to leave its monetary stance unchanged, the subsequent press conference by President M.Draghi could bring in bouts of volatility as the ECB’s QE programme is seen taking centre stage.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.20% at 1.1315 and a breakdown of 1.1261 (50% Fibo of 1.0808-1.1713) would target 1.1254 (55-day sma) en route to 1.1181 (100-day sma). On the flip side, the next hurdle lines up at 1.1450 (downtrend from May’14 top) followed by 1.1500 (76.4% Fibo of 1.0808-1.1713) and then 1.1714 (high post-PBoC move Aug.24).
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