19 Feb 2015
EUR/USD sidelined beyond 1.1400
FXStreet (Edinburgh) - The shared currency is extending its congestive pattern above the 1.1400 handle vs. the US dollar on Thursday, with EUR/USD navigating around 1.1415/20 so far.
EUR/USD focus on Greece, ECB
Spot managed to quickly digest Wednesday’s FOMC minutes, with market participants now focusing on the Greek loan extension proposal due today (in theory) and the new ECB accounts (Euroland’s version of the minutes), which will shed more detail on the last meeting facts and the decision of implementing QE.
In light of the novel event, Strategist at TD Securities Prashant Newnaha added “What we will focus on was if there is any sense of a discussion of cutting rates further and whether there was any material discussion on what it might take to either stop the program early or increase it”.
EUR/USD levels to consider
As of writing the pair is up 0.12% at 1.1412 with the next resistance at 1.1450 (high Feb.17) followed by 1.1486 (high Feb.6) and finally 1.1499 (high Feb.5). On the other hand, a breach of 1.1364 (200-h MA) would aim for 1.1351 (21-d MA) and then 1.1320 (low Feb.16).
EUR/USD focus on Greece, ECB
Spot managed to quickly digest Wednesday’s FOMC minutes, with market participants now focusing on the Greek loan extension proposal due today (in theory) and the new ECB accounts (Euroland’s version of the minutes), which will shed more detail on the last meeting facts and the decision of implementing QE.
In light of the novel event, Strategist at TD Securities Prashant Newnaha added “What we will focus on was if there is any sense of a discussion of cutting rates further and whether there was any material discussion on what it might take to either stop the program early or increase it”.
EUR/USD levels to consider
As of writing the pair is up 0.12% at 1.1412 with the next resistance at 1.1450 (high Feb.17) followed by 1.1486 (high Feb.6) and finally 1.1499 (high Feb.5). On the other hand, a breach of 1.1364 (200-h MA) would aim for 1.1351 (21-d MA) and then 1.1320 (low Feb.16).