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6 Mar 2014
EUR/USD spiked to 1.3780 on ECB
FXStreet (Edinburgh) - The EUR/USD is now back to the 1.3760 region after a brief jump to the boundaries of 1.3780 on unchanged ECB.
EUR/USD propped up by ECB
The ECB finally did not deliver any change in its current monetary policy, disappointing investors who where expecting a 10-15 bps repo rate cut or even moving towards negative deposit rates. Next on tap will be the press conference by President Draghi, which will be closely watched by traders. “We expect the EUR to trade relatively strongly through today's ECB policy decision and press conference, most notably versus the USD. Topside resistance seen at 1.3740-80, while a confirmed break of 1.3815 would add to upside momentum”, suggested Paul Robson, Senior FX Strategist at RBS.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3754 with the next hurdle at 1.3782 (high Mar.4) and then 1.3793 (high Mar.3). On the flip side, a break below 1.3707 (low Mar.5) would aim for 1.3703 (21-d MA) and then 1.3694 (low Feb.28).
EUR/USD propped up by ECB
The ECB finally did not deliver any change in its current monetary policy, disappointing investors who where expecting a 10-15 bps repo rate cut or even moving towards negative deposit rates. Next on tap will be the press conference by President Draghi, which will be closely watched by traders. “We expect the EUR to trade relatively strongly through today's ECB policy decision and press conference, most notably versus the USD. Topside resistance seen at 1.3740-80, while a confirmed break of 1.3815 would add to upside momentum”, suggested Paul Robson, Senior FX Strategist at RBS.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3754 with the next hurdle at 1.3782 (high Mar.4) and then 1.3793 (high Mar.3). On the flip side, a break below 1.3707 (low Mar.5) would aim for 1.3703 (21-d MA) and then 1.3694 (low Feb.28).