EUR/USD muted after ECB

By FXstreet.com | July 03, 2014 AAA

FXStreet (Edinburgh) - The euro remained apathetic after the ECB monetary policy meeting, with the EUR/USD hovering over the mid-1.3600s.

EUR/USD indifferent, focus on Draghi now

Spot kept the composure after the European Central Bank left no room for surprises at today’s meeting, leaving the repo rate unchanged at 0.15% and the deposit rates at -0.10%, widely in line with previous estimates. Volatility however will surely kick in later, as Draghi’s presser is due along with the US Payrolls for the month of June (212K exp.). in the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “we believe NFP coming in below consensus and in line with our forecast, and a bland ECB event as we expect would see EURUSD push higher into the high 1.36 area”.

EUR/USD relevant levels

At the moment the pair is losing 0.06% at 1.3649 with the next support at 1.3641 (low Jun.30) ahead of 1.3610 (low Jun.27) and then 1.3605 (21-d MA). On the upside, a breakout of 1.3675 (200-d MA) would target 1.3683 (high Jul.2) en route to 1.3701 (high Jul.1).

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