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15 Apr 2015
EUR/USD bearish into ECB meeting – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, believes that even if Draghi’s speech provides temporary relief to the euro, the dominant bearish trend will likely prevail for today.
Key Quotes
“The ECB's head will likely have a nice hawkish tone, celebrating the positive effects of QE, and is unlikely to comment on Greece, which may give the EUR temporal support, albeit the dominant bearish trend will prevail at the end of the day.”
“Technically the 4 hours chart shows that the price extended below its 20 SMA, whilst the technical indicators have turned lower around their mid-lines, supporting the ongoing negative sentiment.”
“Nevertheless, is all about the ECB today, with a downward acceleration below 1.0540 required to see the pair extending towards the 1.0500 price zone, whilst beyond this last, the year low at 1.0460 is next.”
“On the other hand, a recovery above 1.0650 should lead to a retest of yesterday's highs in the 1.0710 region, albeit further gains are not seen at this point.”
Key Quotes
“The ECB's head will likely have a nice hawkish tone, celebrating the positive effects of QE, and is unlikely to comment on Greece, which may give the EUR temporal support, albeit the dominant bearish trend will prevail at the end of the day.”
“Technically the 4 hours chart shows that the price extended below its 20 SMA, whilst the technical indicators have turned lower around their mid-lines, supporting the ongoing negative sentiment.”
“Nevertheless, is all about the ECB today, with a downward acceleration below 1.0540 required to see the pair extending towards the 1.0500 price zone, whilst beyond this last, the year low at 1.0460 is next.”
“On the other hand, a recovery above 1.0650 should lead to a retest of yesterday's highs in the 1.0710 region, albeit further gains are not seen at this point.”