19 Jan 2015
EUR/USD jumps above 1.1600, faces resistance at 5-DMA
FXStreet (Mumbai) - EUR/USD extended gains and broke above the 1.1600 levels in the mid-European session, as markets ignored European Central Bank’s (ECB) Nowotny’s comments which reinforced strong case for ECB unveiling a full blown QE in their upcoming meeting later this week.
Currently, the EUR/USD posts fresh day’s high at 1.1618 levels, up 0.44% on the day. The EUR/USD advanced; breaking above 1.1600 levels after ECB’s Nowotny stated that ECB had limited options to counter long-term problems and stagnation in the euro zone. The markets seemed to have ignored his comments which hinted towards ECB rolling out aggressive government bond purchases when it meets this Thursday.
Moreover, the pair may remain elevated in absence of any significant data for balance of the day as the US remains closed on a national holiday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1633 (5-DMA) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.15 levels, below which it could extend losses to 1.1459 (Jan 16 Low) levels.
Currently, the EUR/USD posts fresh day’s high at 1.1618 levels, up 0.44% on the day. The EUR/USD advanced; breaking above 1.1600 levels after ECB’s Nowotny stated that ECB had limited options to counter long-term problems and stagnation in the euro zone. The markets seemed to have ignored his comments which hinted towards ECB rolling out aggressive government bond purchases when it meets this Thursday.
Moreover, the pair may remain elevated in absence of any significant data for balance of the day as the US remains closed on a national holiday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1633 (5-DMA) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.15 levels, below which it could extend losses to 1.1459 (Jan 16 Low) levels.