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16 Jul 2015
EUR/USD faded the spike to 1.0950, ECB eyed
FXStreet (Edinburgh) - The demand for the shared currency remains subdued on Thursday, with EUR/USD now returning to the 1.0920 area after a failed attempt to regain 1.0950 and beyond.
EUR/USD attention to the ECB
The pair continues to lose ground despite the Greek Parliament has approved the reforms package last night in Athens, testing fresh lows in the vicinity of 1.0900 the figure overnight.
With the Greek front a bit calmer, the ECB-Fed divergence in monetary policy should return to the fore as the main driver for the pair’s price action. Yellen’s upbeat testimony yesterday has given extra legs to the USD rally, while the ECB is expected to sound on the opposite side today, bringing levels below the 1.0900 handle a real possibility ahead in the session.
EUR/USD levels to watch
At the moment the pair is retreating 0.13% at 1.0935 and a breach of 1.0911 (low Jul.7) would expose 1.0887 (low Jun.1) and finally 1.0819 (low May 27). On the other hand, the initial up barrier aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).
EUR/USD attention to the ECB
The pair continues to lose ground despite the Greek Parliament has approved the reforms package last night in Athens, testing fresh lows in the vicinity of 1.0900 the figure overnight.
With the Greek front a bit calmer, the ECB-Fed divergence in monetary policy should return to the fore as the main driver for the pair’s price action. Yellen’s upbeat testimony yesterday has given extra legs to the USD rally, while the ECB is expected to sound on the opposite side today, bringing levels below the 1.0900 handle a real possibility ahead in the session.
EUR/USD levels to watch
At the moment the pair is retreating 0.13% at 1.0935 and a breach of 1.0911 (low Jul.7) would expose 1.0887 (low Jun.1) and finally 1.0819 (low May 27). On the other hand, the initial up barrier aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).