EUR/USD waiting for ECB near 1.1300

By FXStreet FXStreet (Edinburgh) – EUR/USD remains entrenched in the negative territory in the second half of the week, currently hovering over the 1.1315/10 band.

EUR/USD supported at 1.1300… for now

The pair has briefly tested the critical support at 1.1300 the figure in early trade, although the selling pressure lacked of follow through and left it meandering in the low-1.1300s for the time being.

It is all about the ECB meeting today. Although the central bank is expected to leave its monetary stance unchanged, the subsequent press conference by President M.Draghi could bring in bouts of volatility as the ECB’s QE programme is seen taking centre stage.

EUR/USD relevant levels

As of writing the pair is retreating 0.20% at 1.1315 and a breakdown of 1.1261 (50% Fibo of 1.0808-1.1713) would target 1.1254 (55-day sma) en route to 1.1181 (100-day sma). On the flip side, the next hurdle lines up at 1.1450 (downtrend from May’14 top) followed by 1.1500 (76.4% Fibo of 1.0808-1.1713) and then 1.1714 (high post-PBoC move Aug.24).
For more information, read our latest forex news. …read more

Source:: FX Street