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Forex pairs in this Article » EUR/USD (Edinburgh) - After climbing to the boundaries of 1.3080, the upside of the EUR/USD faltered and dragged the pair to the current area of 1.3060/65.

EUR/USD ignoring the calendar

Despite the positive news from the Spanish labour market, where the Unemployment Change surprised investors dropping by 127.2K during June, the shared currency keeps ignoring the calendar or events ahead of the ECB meeting on Thursday. It is worth noting that ECB’s Coeure hinted at the idea of forward guidance in recent comments. Derek Halpenny, European head of Global Markets Research commented “We believe action will be taken in order to reduce the risk of a premature rise in yields that could snuff out any emerging sign of recovery – ECB steps would certainly help put downward pressure on the EUR/USD rate over time”.

EUR/USD levels to watch

As of writing, the pair is flat at 1.3063 with the immediate hurdle at 1.3103 (high Jun.28) ahead of 1.3115 (MA30d) and finally 1.3151 (high Jun.25). On the downside, a break below 1.3004 (low Jul.1) would open the door to 1.2991 (low Jun.28) and then 1.2985 (low Jun.26).
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