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15 Jan 2015
EUR/USD extends below 1.1700
FXStreet (Edinburgh) - EUR/USD keeps losing ground today, now accelerating its intraday decline to re-test the 1.1670/65 band.
EUR/USD weak… weaker
The recent and unexpected move by the Swiss National Bank was the last thing the EUR needed, adding further selling pressure to the already (mega) bearish scenario that faces the European currency. Not event today’s context of some softness from the USD-side of the equation seems to save the euro, which will face tomorrow the critical final inflation figures in the euro area for the month of December. Consensus expects the disinflationary pressure to somehow have intensified in the last month, giving the ECB further ammunition to implement a QE programme.
EUR/USD key levels
At the moment the pair is down 1.07% at 1.1662 with the next support at 1.1580 (2015 low Jan.15) ahead of 1.1376 (low Nov. 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, a breakout of 1.1792 (high Jan.15) would open the door to 1.1845 (10-d MA) and finally 1.1871 (high Jan.12).
EUR/USD weak… weaker
The recent and unexpected move by the Swiss National Bank was the last thing the EUR needed, adding further selling pressure to the already (mega) bearish scenario that faces the European currency. Not event today’s context of some softness from the USD-side of the equation seems to save the euro, which will face tomorrow the critical final inflation figures in the euro area for the month of December. Consensus expects the disinflationary pressure to somehow have intensified in the last month, giving the ECB further ammunition to implement a QE programme.
EUR/USD key levels
At the moment the pair is down 1.07% at 1.1662 with the next support at 1.1580 (2015 low Jan.15) ahead of 1.1376 (low Nov. 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, a breakout of 1.1792 (high Jan.15) would open the door to 1.1845 (10-d MA) and finally 1.1871 (high Jan.12).