- The decision of the ECB is coming, which can have a great impact on the euro.
- EUR / USD fails to overcome the 1.1320 zone.
EUR / USD is trading just below 1.1300, in retreat after having risen to 1.1318, the highest in two days. The euro lost strength before some stabilization of the dollar against the main European currencies and before knowing the decision of the European Central Bank.
Ahead: ECB, BoE and US data
The decision of the European Central Bank on purchasing programs and other measures can be key. No changes are expected in the benchmark interest rates. Lagarde’s words and signals from the central bank will be important for the European bond market and therefore for the euro.
Before the ECB will be the decision of the Bank of England that may affect the EUR / USD through the EUR / GBP.
The moment the conference begins LagardeIn the US, the weekly report of requests for unemployment benefits and the Philly Fed will be published. Later on, figures for industrial production and the PMI will come out.
EUR / USD still in range
EUR / USD bottomed out on Wednesday at 1.1220, then undertook a major rebound. The rally stopped below 1.1320, which is where the top of the current range is. The break of this level would enable an upward prolongation.
In the opposite direction at 1.1275 / 80 is the first relevant support followed by 1.1265 and 1.1250. A confirmation below the latter level would leave the euro vulnerable for further losses.
Technical levels
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