EUR/USD flat near daily lows, around 1.1510 ahead of ECB

The single currency is exchanging gains with losses on Thursday, taking EUR/USD to the lower end of the range near 1.1510.

EUR/USD attention to ECB

Spot is trading on a soft note for the second session in a row today, as market participants remain cautious ahead of the key ECB meeting due later in the day.

Expectations of some kind of announcement by the central bank regarding its QE programme have been sustaining the upbeat sentiment among traders as of late. In addition, investors seem to be leaning towards a somewhat hawkish message from the Council today, all supportive of the current upbeat momentum in EUR.

On the USD-side, the buck continues a mild recovery following Tuesday’s fresh multi-month lows in the 94.20 region when tracked by the US Dollar Index, currently navigating the 94.70 area ahead of the opening bell in Euroland.

In the data space, the European Commission will publish its consumer sentiment gauge, while initial claims and the Philly Fed manufacturing index will be in the limelight across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.1511 facing the immediate support at 1.1462 (10-day sma) followed by 1.1391 (21-day sma) and finally 1.1369 (low Jul.13). On the upside, a breakout of 1.1585 (high Jul.18) would target 1.1616 (2016 high May 3) en route to 1.1713 (monthly high Aug.24).