23 Mar 2015
EUR/USD rises above 1.09
FXStreet (Mumbai) - The EUR/USD pair rose to a fresh daily high of 1.0935 as markets anticipate an upbeat economic view from the ECB President Draghi in his testimony before the European Parliament in Brussels.
EUR/USD: Trades above a key Fib level
The pair rose above 1.09, which also happens to be a 23.6% retracement level of the up trend from 1.0461 to 1.1032. The EUR is being bought as markets believe the ECB president is likely to be more upbeat on the economy in his testimony today. Moreover, Draghi is likely to cheerlead the effects of the ECB’s QE but warn that reforms are necessary to make the recovery extended and long-lasting.
The ECB has already revised up its economic outlook, and Governing Council member Christian Noyer said today that asset purchases are an “important and clear signal” that monetary policy will remain expansionary over an extended period.
EUR/USD Technical Levels
At the moment, the pair is trading at 1.0924; up 0.97%. The immediate resistance is seen at 1.10, above which the pair could rise to 1.1033 levels. On the flip side, a break below 1.09 could push the pair back to 1.0850 levels.
EUR/USD: Trades above a key Fib level
The pair rose above 1.09, which also happens to be a 23.6% retracement level of the up trend from 1.0461 to 1.1032. The EUR is being bought as markets believe the ECB president is likely to be more upbeat on the economy in his testimony today. Moreover, Draghi is likely to cheerlead the effects of the ECB’s QE but warn that reforms are necessary to make the recovery extended and long-lasting.
The ECB has already revised up its economic outlook, and Governing Council member Christian Noyer said today that asset purchases are an “important and clear signal” that monetary policy will remain expansionary over an extended period.
EUR/USD Technical Levels
At the moment, the pair is trading at 1.0924; up 0.97%. The immediate resistance is seen at 1.10, above which the pair could rise to 1.1033 levels. On the flip side, a break below 1.09 could push the pair back to 1.0850 levels.