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15 Apr 2015
EUR/USD regains 1.06, ECB eyed
FXStreet (Mumbai) - The shared currency remains in deep in red versus the greenback in the mid-European session, with EUR/USD recovering from lows below 1.06 handle, as traders now eagerly await ECB meeting later in the session for fresh cues.
EUR/USD trims losses ahead of ECB
The EUR/USD trades lower by -0.46% at 1.0608 levels, retracing from session lows posted at 1.0572 levels. EUR/USD recovered partial losses and swung back on 1.06 barrier as traders expect a positive outcome from the ECB press conference with ECB’s President Draghi expected to assess the results of the QE program since its March launch.
This may imply a more upbeat assessment of the economic outlook at the press-conference and some improvement in staff macroeconomic forecasts.
Meanwhile, the US dollar remains boosted by weak Chinese data, which spurred safe-haven buying on currency markets.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0647 (Today’s High) levels, above which gains could be extended to 1.0709 (April 14 High) levels. On the flip side, support is seen at 1.0572 (Today’s Low) below which it could extend losses to 1.0529 (April 14 Low) levels.
EUR/USD trims losses ahead of ECB
The EUR/USD trades lower by -0.46% at 1.0608 levels, retracing from session lows posted at 1.0572 levels. EUR/USD recovered partial losses and swung back on 1.06 barrier as traders expect a positive outcome from the ECB press conference with ECB’s President Draghi expected to assess the results of the QE program since its March launch.
This may imply a more upbeat assessment of the economic outlook at the press-conference and some improvement in staff macroeconomic forecasts.
Meanwhile, the US dollar remains boosted by weak Chinese data, which spurred safe-haven buying on currency markets.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0647 (Today’s High) levels, above which gains could be extended to 1.0709 (April 14 High) levels. On the flip side, support is seen at 1.0572 (Today’s Low) below which it could extend losses to 1.0529 (April 14 Low) levels.