EUR/USD consolidates around 1.3380 after rally

By FXstreet.com | August 06, 2014 AAA

FXStreet (Córdoba) - The EUR/USD finished Wednesday trading near the highs and slightly higher for the day, around 1.3380. The day before the ECB meeting the pair rebounded sharply from 9-month lows at 1.3330/35 and turned to the upside amid a general weakness of the US dollar.



During the American session the pair rallied, rising more than 40 pips, but found resistance around the 1.3390 area and pulled back. The Euro was able to rise after falling 70 pips in the previous two trading days.



EUR/USD ahead of the ECB

The Euro is still showing some weakness in the market but is expected to remain calm during the Asian session as traders await for the ECB decision and Mario Draghi’s press conference. No change in the current course of the monetary policy is expected. Draghi’s words will be followed closely by analysts and are likely to have an impact on the EUR/USD.



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