FXstreet.com (Barcelona) - The EUR/USD bounce movement from the 1.2502 low obtained after the sub-50 PMI services all over Europe was able to extend itself to 1.2556 session high. A corrective rally as investors cover shorts ahead of tomorrow’s ECB interest rate decision and policy announcement.
The ECB President Mario Draghi has been keeping hopes up about action to help the most pressured sovereigns, such as Italy and Spain. Those countries’ yields have been falling lately in anticipation.
The EUR/USD is currently trading at 1.2540/50 area ahead of the New York opening. “Yesterday's break below 1.2560 static support confirms a top is in place at 1.2637 and my outlook is negative, for 1.2490, en route to 1.2420”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to resistance at 1.2560.
The ECB President Mario Draghi has been keeping hopes up about action to help the most pressured sovereigns, such as Italy and Spain. Those countries’ yields have been falling lately in anticipation.
The EUR/USD is currently trading at 1.2540/50 area ahead of the New York opening. “Yesterday's break below 1.2560 static support confirms a top is in place at 1.2637 and my outlook is negative, for 1.2490, en route to 1.2420”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to resistance at 1.2560.
