EUR/USD recovers losses, rises to 1.1230, ECB – in focus

By FXStreet FXStreet (Mumbai) – The EUR/USD pair extends its gradual ascent in to the early European dealings, with the shared currency finding some good support ahead of 1.1200 levels.

EUR/USD rises as USD pares gains

The EUR/USD pair trades modestly flat at 1.1223, retreating slightly from a spike to fresh session highs at 1.1228. The major hovers above 1.12 handle and struggles to extend further as markets remain cautious heading into the European opening bells with ECB monetary policy decision followed by ECB Chief Draghi’s press conference remains the major event this session.

While, the greenback shed some gains from Asia as European traders react to the disappointing ADP print from the released yesterday, lending a helping hand to the EUR/USD pair.

The number of Americans employed in the US private sector increased by 190,000 in August, compared to the 177,000 booked in July. Markets had bet that 200,000 people would be lifted out of unemployment in August.

Focus now shifts back towards the European Central Bank (ECB) meeting with markets expecting a clear dovish bias from the ECB policymakers in light of the recent financial market turmoil and persisting lower EZ inflation levels.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1264 …read more

Source:: FX Street