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Forex pairs in this Article » EUR/USD (Edinburgh) - The EUR/USD continues in range bound mode around 1.2990/1.3000 on Thursday, ahead of the ECB meeting due later.


Apart from the ECB gathering, the euro calendar brings in the final figures of the GDP in the bloc during the first quarter. Prior surveys expect the economic activity of the 17-nation bloc to have contracted 0.2% inter-quarter and 1.1% on a yearly basis. In the opinion of Derek Halpenny, European Head of Global Markets Research, “Yields have been rising in the euro-zone too and the periphery bond markets are more unsettled which may require more forceful rhetoric from President Draghi on the outlook for policy in order to re-anchor short-term rates. The euro could be set for a new leg lower if Draghi successfully tempers rising yields”.

EUR/USD tech levels

At the moment the pair is down 0.16% at 1.2987 facing the next support at 1.2923 (low Jul.3) followed by 1.2859 (weekly cloud top) and finally 1.2838 (low May 29). On the flip side, a break above 1.3032 (high Jul.3) would target 1.3055 (MA100d) en route to 1.3078 (high Jul.2). Further studies from analysts at Autochartist signal an emerging inverse H&S pattern in the 30-min chart.
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