EUR/USD today: the euro waiting for signals from the ECB
Trading on Thursday remains limited and focused up on waiting for the ECB meeting results. After a restrained Wednesday trading, the EUR/USD pair is trading in a narrow flat, limited to the trading range from 1.0050 to 1.0030. Despite the weak data on eurozone GDP, a restraint optimism for the euro remains.
Events for today:
- 14:45 – the ECB meeting minutes will be published: deposit facility rate, the ECB lending marginal rate and the interest rate decision (Mar).
- 15:30 – the US data are coming out: initial jobless claims, nonfarm productivity (q/q) (Q4) and labor costs (q/q) (Q4).
- 15:30 – ECB press conference to be held.
The main market’s attention remains focused on the results of the ECB press conference and its decision on the lending program. Earlier there were manipulations in the market regarding to it.
The EUR/USD pair has been trading flat in the past few days, having found significant support at the level of 1.1300. The overall downward trend remains, despite attempts to slow down. The technical picture against the background of the upcoming data faded into the background, awaiting the ECB meeting results and what and how Draghi will say. The further dynamics of the euro will depend on the ECB rhetoric. Support levels are: 1.1300, 1.1250 and 1.1220, resistances levels are: 1.1330-50, 1.1370 and 1.1400.
Read also: “Medium-term prospects for the US dollar for August-September”
Hanzenko Anton
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