19 Jan 2015
EUR/USD remains above 1.1600
FXStreet (Edinburgh) - The European currency is closing the session with gains for the first time after five consecutive daily setbacks, with EUR/USD regaining 1.1600 and beyond.
EUR/USD ready for the next leg lower?
The vast majority of the FX community agrees that occasional bullish attempts are not only ephemeral but also constitute the prelude for the next (and deeper?) leg lower. The catalyst for such a scenario seems to be vox populi for quite a long time now: the ECB could announce the implementation of further easing measures on Thursday under the form of quantitative easing, with purchases of sovereign bonds for at least €500 billion. In the meantime, the pair managed to leave the area of 1.1460 (Friday), recovering almost 2 big-figures ahead of German/EMU ZEW Survey to be released tomorrow.
EUR/USD levels to watch
As of writing the pair is up 0.30% at 1.1604 facing the next hurdle at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15). On the downside, a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003).
EUR/USD ready for the next leg lower?
The vast majority of the FX community agrees that occasional bullish attempts are not only ephemeral but also constitute the prelude for the next (and deeper?) leg lower. The catalyst for such a scenario seems to be vox populi for quite a long time now: the ECB could announce the implementation of further easing measures on Thursday under the form of quantitative easing, with purchases of sovereign bonds for at least €500 billion. In the meantime, the pair managed to leave the area of 1.1460 (Friday), recovering almost 2 big-figures ahead of German/EMU ZEW Survey to be released tomorrow.
EUR/USD levels to watch
As of writing the pair is up 0.30% at 1.1604 facing the next hurdle at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15). On the downside, a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003).