EUR/USD Wobbles Around 1.1400, Draghi Eyed

EUR/USD Wobbles Around 1.1400, Draghi Eyed

9 June 2016, 08:48
Roberto Jacobs
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EUR/USD Wobbles Around 1.1400, Draghi Eyed

The single currency has retreated from the area of session highs near 1.1420 vs. the greenback, now taking EUR/USD to the 1.1400 region.

EUR/USD focus on Draghi

The pair so far manages to keep the trade in the upper bound of the recent range in the vicinity of 1.1400 the figure, always against the backdrop of a softer tone from USD, which remains depressed in multi-week levels when tracked by the US Dollar Index.

Data wise in Euroland, German trade surplus has come in at €24 billion during April, while market participants keep their focus on the speech by President Draghi due later.

Across the pond, the usual report on the labour market will be the only release of note today.

EUR/USD levels to watch

The pair is now up 0.03% at 1.1398 and a break above 1.1416 (high Jun.8) would expose 1.1448 (high May 11) and finally 1.1466 (high Apr.12). On the flip side, the immediate support lines up at 1.1318 (55-day sma) followed by 1.1248 (20-day sma) and then 1.1211 (100-day sma).


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