EUR/USD Buoyant Above 1.12 Ahead of ECB

EUR/USD Buoyant Above 1.12 Ahead of ECB

2 June 2016, 10:46
Roberto Jacobs
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EUR/USD Buoyant Above 1.12 Ahead of ECB

The common currency remains on a firm note in the second half of the week, sending EUR/USD back above the 1.1200 handle.

EUR/USD bid pre-ECB

The pair is advancing for the second session in a row along with a continuation of the offered tone around the US dollar, managing to extend the bounce beyond the key barrier at 1.1200 the figure.

The ECB meeting will grab all the attention ahead in the European session, with market participants expecting Draghi to revise higher inflation and growth projections for the region.

EUR/USD levels to watch

The pair is now advancing 0.24% at 1.1216 and a break above 1.1246 (high May 23) would expose 1.1252 (20-day sma) and finally 1.1301 (55-day sma). On the flip side, the immediate support lines up at 1.1096 (low May 30) followed by 1.1055 (low Mar.16) and then 1.0820 (low Mar.10).


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