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21 May 2015
EUR/USD deflates from highs
FXStreet (Edinburgh) - The European currency remains on the firm footing on Thursday, now taking EUR/USD back to the 1.1145/40 band.
EUR/USD a tad weaker on ECB
After reaching tops near 1.1180, the pair has now faded part of the bull run and returned to the 1.1140 region following the release of the ECB Accounts. The European Central Bank strongly defended the current bond-buying programme, adding that the QE scheme is ‘progressing smoothly’ since it kicked in back in March. In addition, the Governing Council argued that concerns regarding scarcity in some segments seem exaggerated.
Next of relevance will be US Initial Claims and Existing Home Sales ahead of the speech by President M.Draghi.
EUR/USD levels to consider
As of writing the pair is up 0.38% at 1.1136 and a breakout of 1.1217 (38.2% of 1.1468-1.1062) would open the door to 1.1247 (10-d MA) and then 1.12300 (psychological level). On the flip side, the immediate support lines up at 1.1080 (low May 21) followed by 1.1062 (low May 20) and finally 1.0994 (50% of 1.0521-1.1468).
EUR/USD a tad weaker on ECB
After reaching tops near 1.1180, the pair has now faded part of the bull run and returned to the 1.1140 region following the release of the ECB Accounts. The European Central Bank strongly defended the current bond-buying programme, adding that the QE scheme is ‘progressing smoothly’ since it kicked in back in March. In addition, the Governing Council argued that concerns regarding scarcity in some segments seem exaggerated.
Next of relevance will be US Initial Claims and Existing Home Sales ahead of the speech by President M.Draghi.
EUR/USD levels to consider
As of writing the pair is up 0.38% at 1.1136 and a breakout of 1.1217 (38.2% of 1.1468-1.1062) would open the door to 1.1247 (10-d MA) and then 1.12300 (psychological level). On the flip side, the immediate support lines up at 1.1080 (low May 21) followed by 1.1062 (low May 20) and finally 1.0994 (50% of 1.0521-1.1468).