21 Jan 2015
EUR/USD volatile on reports of EUR 50 billion QE per month
FXStreet (Mumbai) - The EUR/USD saw a sudden decline now on reports that the European Central Bank would propose EUR 50 billion QE per month tomorrow.
The pair fell to 1.1580 from 1.1640 levels after rumors did rounds regarding EUR 50 billion per month QE. However, the pair jumped back to 1.1630 levels after Bloomberg reports said the ECB is likely to begin purchasing in March, contrary to the widespread expectation that the ECB would begin purchasing right off the bat. Moreover, the bank would continue purchasing bond through 2016.
EUR/USD Technical Levels
The immediate support is seen at 1.1580, under which the pair could test 1.1550 levels. Meanwhile, resistance is seen at 1.1640 and 1.1678 (10-DMA) levels.
The pair fell to 1.1580 from 1.1640 levels after rumors did rounds regarding EUR 50 billion per month QE. However, the pair jumped back to 1.1630 levels after Bloomberg reports said the ECB is likely to begin purchasing in March, contrary to the widespread expectation that the ECB would begin purchasing right off the bat. Moreover, the bank would continue purchasing bond through 2016.
EUR/USD Technical Levels
The immediate support is seen at 1.1580, under which the pair could test 1.1550 levels. Meanwhile, resistance is seen at 1.1640 and 1.1678 (10-DMA) levels.