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4 Jun 2015
EUR/USD consolidates below 1.13
FXStreet (Mumbai) - The shared currency paused its 2-day rally and trades around a flat line versus the American dollar in the early European trades, keeping EUR/USD below 1.13 barrier. The major extends its side trend from Asia as markets moved past ECB chief Draghi’s comments and now look forward to US macro releases amid a data-dry EUR calendar.
EUR/USD capped by 1.1280
The EUR/USD pair trades flat at 1.1273, supported at 1.1250 levels. The EUR/USD pair extends its overnight consolidation as markets absorb ECB Chief Draghi’s optimistic speech at the bank’s press conference.
ECB President Mario Draghi sounded rather optimistic on Wednesday and said the ECB's asset purchase programs "are proceeding well. “He cheered positive effects of the ECB’s bond-buying program and brushed off any hints of premature tapering by stressing that the purchases will proceed as originally planned - meaning at least until September 2016.
In the day ahead, markets will focus on US economic releases and hence on USD moves in absence of significant macro data to be published during the European session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1254 (Today’s Low) below which it could extend losses to 1.1201 (May 13 Low) levels.
EUR/USD capped by 1.1280
The EUR/USD pair trades flat at 1.1273, supported at 1.1250 levels. The EUR/USD pair extends its overnight consolidation as markets absorb ECB Chief Draghi’s optimistic speech at the bank’s press conference.
ECB President Mario Draghi sounded rather optimistic on Wednesday and said the ECB's asset purchase programs "are proceeding well. “He cheered positive effects of the ECB’s bond-buying program and brushed off any hints of premature tapering by stressing that the purchases will proceed as originally planned - meaning at least until September 2016.
In the day ahead, markets will focus on US economic releases and hence on USD moves in absence of significant macro data to be published during the European session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1254 (Today’s Low) below which it could extend losses to 1.1201 (May 13 Low) levels.