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11 Mar 2015
EUR/USD flirting with 1.0700
FXStreet (Edinburgh) - The single currency is posting marginal losses vs. the US dollar on Wednesday, with EUR/USD now hovering over the proximity of 1.0700 the figure.
EUR/USD focus on USD, Draghi
The demand for the European currency remains subdued on Wednesday following the start of the bond-buying programme by the ECB last Monday. Adding to the bearish sentiment, the US dollar continues to advance vs. its main competitors backed by increasing market expectations of a Fed’s rate hike at its June meeting.
Ahead in the day, President Mario Draghi will give a speech at the conference ‘ECB and its Watchers XVI’ in Frankfurt, while board member Peter Praet will participate in the debate on ‘Low-interest-rate Policy and Non-standard Monetary Policy Measures: Effectiveness and Challenges’.
EUR/USD relevant levels
As of writing the pair is losing 0.03% at 1.0694 and a breakdown of 1.0666 (12-year low Mar.11) would target 1.0502 (low Mar. 21 2003) and finally 1.0335 (2003 low. Jan.3). On the flip side, the initial hurdle lines up at 1.0719 (hourly high Mar.11) followed by 1.0855 (high Mar.10) and then 1.0906 (high Mar.9).
EUR/USD focus on USD, Draghi
The demand for the European currency remains subdued on Wednesday following the start of the bond-buying programme by the ECB last Monday. Adding to the bearish sentiment, the US dollar continues to advance vs. its main competitors backed by increasing market expectations of a Fed’s rate hike at its June meeting.
Ahead in the day, President Mario Draghi will give a speech at the conference ‘ECB and its Watchers XVI’ in Frankfurt, while board member Peter Praet will participate in the debate on ‘Low-interest-rate Policy and Non-standard Monetary Policy Measures: Effectiveness and Challenges’.
EUR/USD relevant levels
As of writing the pair is losing 0.03% at 1.0694 and a breakdown of 1.0666 (12-year low Mar.11) would target 1.0502 (low Mar. 21 2003) and finally 1.0335 (2003 low. Jan.3). On the flip side, the initial hurdle lines up at 1.0719 (hourly high Mar.11) followed by 1.0855 (high Mar.10) and then 1.0906 (high Mar.9).