Back
15 Jan 2015
EUR/USD comatose around 1.1600
FXStreet (Edinburgh) - EUR/USD is not giving any sign of recovery on Thursday, currently testing the lower bound of the intraday range around the 1.1600 mark.
EUR/USD focus on CPI, ECB
Spot remains sedated by the SNB move earlier on today, which sent the euro to trade around 1.1570, levels last seen in mid-November 2003. However, it is not over for the EUR: EMU’s consumer prices are due tomorrow, with the likeliness that the disinflationary pressures remain intact, as prior surveys expect another negative print in the YoY gauge. In addition, the ECB will hold its meeting on January 22nd, and according to market rumours, the way would be paved for the central bank to adopt a quantitative easing programme, exerting further downside pressure on the pair. One way or another, the bet seems to be in only one direction, at least in the very near term.
EUR/USD key levels
At the moment the pair is down 1.60% at 1.1600 with the next support at 1.1580 (2015 low Jan.15) ahead of 1.1376 (low Nov. 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, a breakout of 1.1792 (high Jan.15) would open the door to 1.1845 (10-d MA) and finally 1.1871 (high Jan.12).
EUR/USD focus on CPI, ECB
Spot remains sedated by the SNB move earlier on today, which sent the euro to trade around 1.1570, levels last seen in mid-November 2003. However, it is not over for the EUR: EMU’s consumer prices are due tomorrow, with the likeliness that the disinflationary pressures remain intact, as prior surveys expect another negative print in the YoY gauge. In addition, the ECB will hold its meeting on January 22nd, and according to market rumours, the way would be paved for the central bank to adopt a quantitative easing programme, exerting further downside pressure on the pair. One way or another, the bet seems to be in only one direction, at least in the very near term.
EUR/USD key levels
At the moment the pair is down 1.60% at 1.1600 with the next support at 1.1580 (2015 low Jan.15) ahead of 1.1376 (low Nov. 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, a breakout of 1.1792 (high Jan.15) would open the door to 1.1845 (10-d MA) and finally 1.1871 (high Jan.12).