Back
16 Jul 2015
EUR/USD around 1.0860 on ECB
FXStreet (Edinburgh) - The common currency keeps its offered tone today, relegating EUR/USD to multi-week lows in the 1.0870/60 area.
EUR/USD unchanged on ECB statement
The selling pressure surrounding the pair remains unabated today, which is now navigating levels last seen in late May around 1.0860. President Draghi has emphasized that the QE programme will last until there is sufficient evidence of a sustained adjustment in consumer prices, while he added that the central bank’s policy remains accommodative. He expects prices to gradually pick up pace towards year-end.
Regarding Greece, the ECB keeps acting on the assumption that the country remains a member of EMU, and has in consequence decided today to increase the ELA ceiling for Greek banks by €900 million, as conditions have been met.
EUR/USD levels to watch
At the moment the pair is retreating 0.79% at 1.0863 and a breach of 1.0819 (low May 27) would target 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24). On the other hand, the initial up barrier aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).
EUR/USD unchanged on ECB statement
The selling pressure surrounding the pair remains unabated today, which is now navigating levels last seen in late May around 1.0860. President Draghi has emphasized that the QE programme will last until there is sufficient evidence of a sustained adjustment in consumer prices, while he added that the central bank’s policy remains accommodative. He expects prices to gradually pick up pace towards year-end.
Regarding Greece, the ECB keeps acting on the assumption that the country remains a member of EMU, and has in consequence decided today to increase the ELA ceiling for Greek banks by €900 million, as conditions have been met.
EUR/USD levels to watch
At the moment the pair is retreating 0.79% at 1.0863 and a breach of 1.0819 (low May 27) would target 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24). On the other hand, the initial up barrier aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).