5 Mar 2015
EUR/USD attempts a bounce to 1.1050
FXStreet (Edinburgh) - The decline in EUR/USD seems to have bottomed out around 1.1120 so far, with the pair now looking to regain the mid-1.1000s ahead of the ECB meeting.
EUR/USD ignored German release, eyes on ECB
The pair paid no attention to the poor performance of the German Factory Orders during January, contracting almost 4% on a monthly basis. Instead, the euro managed to gather some traction and is currently trying to retake the 1.1050/60 area.
The ECB meeting will be the main event prior to the US Non-farm Payrolls due tomorrow (240K exp.). Market participants have already ruled out any relevant announcements, although still remains unclear some aspects regarding the precise moment the central bank will start buying bonds under QE, as well as whether Greek banks can now be allowed to return to their open market operations following the recent agreement with the Eurogroup.
EUR/USD levels to consider
As of writing the pair is retreating 0.23% at 1.1049 facing the next support at 1.1000 (psychological level) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).
EUR/USD ignored German release, eyes on ECB
The pair paid no attention to the poor performance of the German Factory Orders during January, contracting almost 4% on a monthly basis. Instead, the euro managed to gather some traction and is currently trying to retake the 1.1050/60 area.
The ECB meeting will be the main event prior to the US Non-farm Payrolls due tomorrow (240K exp.). Market participants have already ruled out any relevant announcements, although still remains unclear some aspects regarding the precise moment the central bank will start buying bonds under QE, as well as whether Greek banks can now be allowed to return to their open market operations following the recent agreement with the Eurogroup.
EUR/USD levels to consider
As of writing the pair is retreating 0.23% at 1.1049 facing the next support at 1.1000 (psychological level) ahead of 1.0914 (low Sep.5 2003) and then 1.0809 (low Sep.4 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).