22 Jan 2015
EUR/USD jittery ahead of the key ECB meeting
FXStreet (Guatemala) - EUR/USD is currently trading at 1.1596 with a high of 1.1630 and a low of 1.1587.
EUR/USD has dropped from the highs of 1.1630 and has lost pips down to 1.1591 on a surprise move considering the ECB meeting is around the corner; Pre meeting jitters which my well be the course of play from here on. The market has been focused on this meeting since the start of the year and leading into it overnight, news wires were reporting that officials were proposing to meet and discuss a monthly 50b EUR QE programme that would commence in March.
Meanwhile, due to last week's weekly close below the 1.1640 2005 low, we are in an extension of that and bears may well be focussing on the scope to 1.1210 then 1.0835 longer term while both of those levels are long term Fibos as noted by Karen Jones, chief analyst at Commerzbank.
EUR/USD has dropped from the highs of 1.1630 and has lost pips down to 1.1591 on a surprise move considering the ECB meeting is around the corner; Pre meeting jitters which my well be the course of play from here on. The market has been focused on this meeting since the start of the year and leading into it overnight, news wires were reporting that officials were proposing to meet and discuss a monthly 50b EUR QE programme that would commence in March.
Meanwhile, due to last week's weekly close below the 1.1640 2005 low, we are in an extension of that and bears may well be focussing on the scope to 1.1210 then 1.0835 longer term while both of those levels are long term Fibos as noted by Karen Jones, chief analyst at Commerzbank.