EUR/USD Unmotivated Around 1.1300, ECB Eyed

EUR/USD Unmotivated Around 1.1300, ECB Eyed

21 April 2016, 13:04
Roberto Jacobs

EUR/USD Unmotivated Around 1.1300, ECB Eyed

EUR/USD keeps its sidelined pattern around the 1.1300 handle during the European morning on Thursday amidst mixed risk appetite trends.

EUR/USD focus on US calendar

The pair is looking to consolidate yesterday’s sharp drop from the boundaries of the 1.1400 handle, down almost a cent to today’s brief lows in the 1.1280 region. Alternating risk trends keep collaborating with the directionless theme so far today, while market participants await the ECB meeting and subsequent press conference by President M.Draghi.

Consensus amongst traders expects the central bank to refrain from adding further stimulus, focusing instead on the assessment of the recently announced measures, all amidst a higher exchange rate and a persistent low inflation in the region.

EUR/USD levels to watch

The pair is now up 0.08% at 1.1305 and a break above 1.1387 (high Apr.20) would target 1.1454 (2016 high Apr.7) en route to 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1192 (55-day sma) and finally 1.1142 (low Mar.24).


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