28 Nov 2014
EUR/USD getting what it deserved on end of month flows?
FXStreet (Guatemala) - EUR/USD is trading at 1.2439, down -0.22% on the day, having posted a daily high at 1.2491 and low at 1.2429.
EUR/USD has taken a hit with supply coming in and dropping from 1.2480 region and down to the test the lows of the session. US markets are closing half a day early and squaring up before the weekend and putting the Euro back in its place. There is demand for the greenback with oil prices still on their knees and the correlation there persists. Looking ahead, 2015 is brought into the picture now and this looks bleak for the Eurozone.
Analysts at TD Securities expect further confirmation in respect to the ECB’s intentions but no action in Decembers meeting and not until Q1. “The largest risk of action from the ECB in December would be tweaking the terms of the 2015 TLTROs, but we think between this or Draghi's dovish commentary on action to come in Q1, either should be enough to once again provide a meeting for a lower euro”.
EUR/USD noteworthy levels
With spot trading at 1.2439, we can see next resistance ahead at 1.2447 (Daily Classic S1), 1.2456 (Weekly Classic PP), 1.2465 (Yesterday's Low), 1.2465 (Hourly 20 EMA) and 1.2465 (Hourly 100 SMA). Support below can be found at 1.2429 (Daily Low), 1.2426 (Daily Classic S2), 1.2392 (Weekly Low), 1.2388 (Daily Classic S3) and 1.2375 (Monthly Low).
EUR/USD has taken a hit with supply coming in and dropping from 1.2480 region and down to the test the lows of the session. US markets are closing half a day early and squaring up before the weekend and putting the Euro back in its place. There is demand for the greenback with oil prices still on their knees and the correlation there persists. Looking ahead, 2015 is brought into the picture now and this looks bleak for the Eurozone.
Analysts at TD Securities expect further confirmation in respect to the ECB’s intentions but no action in Decembers meeting and not until Q1. “The largest risk of action from the ECB in December would be tweaking the terms of the 2015 TLTROs, but we think between this or Draghi's dovish commentary on action to come in Q1, either should be enough to once again provide a meeting for a lower euro”.
EUR/USD noteworthy levels
With spot trading at 1.2439, we can see next resistance ahead at 1.2447 (Daily Classic S1), 1.2456 (Weekly Classic PP), 1.2465 (Yesterday's Low), 1.2465 (Hourly 20 EMA) and 1.2465 (Hourly 100 SMA). Support below can be found at 1.2429 (Daily Low), 1.2426 (Daily Classic S2), 1.2392 (Weekly Low), 1.2388 (Daily Classic S3) and 1.2375 (Monthly Low).