15 Apr 2015
EUR/USD gyrates 1.06
FXStreet (Mumbai) - The EUR/USD pair is moving around 1.06 levels, swinging back and forth around the same, ahead of the European Central Bank (ECB) meeting.
Investors await Draghi’s comments
The pair currently trades at 1.0590; down 0.62%. Traders are likely to avoid making big commitments on the pair ahead of the ECB President Draghi’s comments. It is widely expected that Draghi would sound upbeat on the Eurozone economy, while stressing the positive impact of the QE program.
Draghi is also expected to reiterate the bank’s readiness to extend the QE program beyond September 2016, while stating no shortage of bonds for purchases in the months ahead.
Meanwhile, the US dollar made a comeback during the European session, as the demand for the Treasuries increased after China reported Q1 GDP at six year low.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0640, above which gains could be extended to 1.07. On the flip side, a break below the daily low at 1.0569, under which losses could be extended to 1.0519 levels.
Investors await Draghi’s comments
The pair currently trades at 1.0590; down 0.62%. Traders are likely to avoid making big commitments on the pair ahead of the ECB President Draghi’s comments. It is widely expected that Draghi would sound upbeat on the Eurozone economy, while stressing the positive impact of the QE program.
Draghi is also expected to reiterate the bank’s readiness to extend the QE program beyond September 2016, while stating no shortage of bonds for purchases in the months ahead.
Meanwhile, the US dollar made a comeback during the European session, as the demand for the Treasuries increased after China reported Q1 GDP at six year low.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0640, above which gains could be extended to 1.07. On the flip side, a break below the daily low at 1.0569, under which losses could be extended to 1.0519 levels.