5 Mar 2015
EUR/USD stuck in the mid-1.10s
FXStreet (Edinburgh) - The European currency remains entrenched in the negative territory on Thursday, with EUR/USD gyrating around 1.1055/50.
EUR/USD eyes on ECB
The pair remains in a consolidative pattern in the area of 1.1050, as markets get ready for the ECB meeting due later. Spot continues to extend its downside in the second half of the week, sparked after stronger than expected consumer prices in the US economy in January.
The ECB meeting should provide further details regarding the start of the QE programme amongst other issues. In addition, the central bank will update its forecasts on inflation and economic growth in the region for the upcoming periods. Prior surveys expect consumer prices to fall further while the economic growth could be revised higher.
EUR/USD key levels
As of writing the pair is retreating 0.27% at 1.1047 facing the next support at 1.1000 (psychological level) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).
EUR/USD eyes on ECB
The pair remains in a consolidative pattern in the area of 1.1050, as markets get ready for the ECB meeting due later. Spot continues to extend its downside in the second half of the week, sparked after stronger than expected consumer prices in the US economy in January.
The ECB meeting should provide further details regarding the start of the QE programme amongst other issues. In addition, the central bank will update its forecasts on inflation and economic growth in the region for the upcoming periods. Prior surveys expect consumer prices to fall further while the economic growth could be revised higher.
EUR/USD key levels
As of writing the pair is retreating 0.27% at 1.1047 facing the next support at 1.1000 (psychological level) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).