12 Feb 2014
EUR/USD looks to recover 1.3600
FXStreet (Edinburgh) - After dipping to the vicinity of 1.3560, the EUR/USD is now making its way up to the 1.3600 handle.
EUR/USD weaker after Coeure comments
The single currency remains submerged into the red territory on Wednesday, dragged lower after ECB’s Coeure said the central bank would be considering negative deposit rates ‘very seriously’. “I was dubious that negative rates would be so effective to weaken significantly the EUR, I stand humbly corrected by the current move which clearly shows a large sensitivity of FX. Equities and local FI will benefit from this move acting as a countervailing force”, argued Sebastien Galy, Strategist at Societe Generale.
EUR/USD levels to consider
At the moment the pair is losing 0.34% at 1.3594 and a break above 1.3653 (high Feb.12) would expose 1.3683 (high Feb.11) and finally 1.3689 (high Jan.28). On the downside, the initial support aligns at 1.3552 (low Feb7) followed by 1.3482 (low Feb.6) and then 1.3477 (2014 low Feb.3).
EUR/USD weaker after Coeure comments
The single currency remains submerged into the red territory on Wednesday, dragged lower after ECB’s Coeure said the central bank would be considering negative deposit rates ‘very seriously’. “I was dubious that negative rates would be so effective to weaken significantly the EUR, I stand humbly corrected by the current move which clearly shows a large sensitivity of FX. Equities and local FI will benefit from this move acting as a countervailing force”, argued Sebastien Galy, Strategist at Societe Generale.
EUR/USD levels to consider
At the moment the pair is losing 0.34% at 1.3594 and a break above 1.3653 (high Feb.12) would expose 1.3683 (high Feb.11) and finally 1.3689 (high Jan.28). On the downside, the initial support aligns at 1.3552 (low Feb7) followed by 1.3482 (low Feb.6) and then 1.3477 (2014 low Feb.3).