Forex Flash: What can we expect of EUR/USD? – Westpac, Commerzbank and BTMU
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EUR/USD
FXstreet.com (Barcelona) - The shared currency is extending its correction higher on Thursday, actually navigating the area around 1.3060/70 ahead of the ECB meeting.
"EUR trading with a heavy bias on most crosses (ex-JPY) early in the new year but suspect additional losses will likely be limited if Draghi does not signal a bias to ease monetary policy near term& EURUSD a buy on any test into 1.30", concludes Sean Callow, analyst at Westpac.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, explains that the cross "is gently easing lower and we view the market as directly offered below the 1.3150/90 pivot& We view near term strength as corrective only and will ideally see the market stall here for a slide back to the 1.2970-1.3000 key support".
And with focus on today's ECB meeting, Currency Analyst Lee Hardman at BTMU assesses "An unchanged ECB monetary policy decision today would likely provide only limited support for the euro with further easing still likely ahead. As such ECB President Draghi will likely keep further policy action on the table at the press conference".
"EUR trading with a heavy bias on most crosses (ex-JPY) early in the new year but suspect additional losses will likely be limited if Draghi does not signal a bias to ease monetary policy near term& EURUSD a buy on any test into 1.30", concludes Sean Callow, analyst at Westpac.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, explains that the cross "is gently easing lower and we view the market as directly offered below the 1.3150/90 pivot& We view near term strength as corrective only and will ideally see the market stall here for a slide back to the 1.2970-1.3000 key support".
And with focus on today's ECB meeting, Currency Analyst Lee Hardman at BTMU assesses "An unchanged ECB monetary policy decision today would likely provide only limited support for the euro with further easing still likely ahead. As such ECB President Draghi will likely keep further policy action on the table at the press conference".
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