6 Jun 2013
EUR/USD around 1.3120, ECB unchanged
FXstreet.com (Barcelona) - The shared currency is hovering over 1.3115/20 after the ECB kept its monetary policy unchanged on Thursday.
The central bank left the refi rate intact at 0.5% and there was no further announcements regarding negative interest rates. Market participants are now focusing on the press conference by President M.Draghi due later. “The press conference should be much more important as the market watches how Draghi characterizes the potential for more targeted lending programs as well as any forecast revisions... We still view rallies as a better selling opportunity over the medium term”, recommended G.Moore and S.Osborne, FX Strategists at TD Securities.
As of writing, the EUR/USD is up 0.15% at 1.3114 and a breakout of 1.3131 (high Jun.6) would open the door to 1.3138 (76.4% of 1.3243-1.2796) en route to 1.3194 (high May 8). On the flip side, support levels line up at 1.3075 (low Jun6) followed by 1.3053 (low Jun.5) and finally 1.3043 (MA200d).
The central bank left the refi rate intact at 0.5% and there was no further announcements regarding negative interest rates. Market participants are now focusing on the press conference by President M.Draghi due later. “The press conference should be much more important as the market watches how Draghi characterizes the potential for more targeted lending programs as well as any forecast revisions... We still view rallies as a better selling opportunity over the medium term”, recommended G.Moore and S.Osborne, FX Strategists at TD Securities.
As of writing, the EUR/USD is up 0.15% at 1.3114 and a breakout of 1.3131 (high Jun.6) would open the door to 1.3138 (76.4% of 1.3243-1.2796) en route to 1.3194 (high May 8). On the flip side, support levels line up at 1.3075 (low Jun6) followed by 1.3053 (low Jun.5) and finally 1.3043 (MA200d).