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EUR/USD Analysis: Quiet After Fundamentals

The Euro was trading sideways during the first part of Thursday. A significant volatility was introduced by the ECB mid-session. The Euro initialy strengthened against its American counterpart following the release of the bank’s written statement, but plunged 100 pips within a couple of hours in response to Draghi’s more cautious tone during the press conference.

The rate once again normalised later in the evening and early today, as a fall below the 1.2340 mark was restricted by the 200-hour SMA and the monthly PP.

Technical indicators being located in the strongly bearish area suggest that the pair should be tended north in this session, thus approaching a resistance cluster formed by the 55– and 100-hour SMAs circa 1.2380. Meanwhile, the rate should not exceed the 38.20% Fibo at 1.2235.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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