FXstreet.com (San Francisco) - EUR/USD is consolidating Friday’s gains this Monday in Asia, gains which were driven by the ECB President’s statement on doing “whatever it takes to save the euro.”
In the week ahead, the European Central Bank interest rate decision and a speech by ECB President Draghi will be closely watched on Thursday. On the flip side, US non-farm payroll figures for July will be released on Friday.
At the time of writing, EUR/USD sits quietly around the 1.2300 figure, with support levels noted at 1.2280, 1.2250 and 1.2220, while resistance levels lie at 1.2340, 1.2385 and 1.2410.
“In the 4 hours chart, indicators head south from extreme overbought levels, holding in positive territory,” observes Valeria Bednarik, Chief Analyst at FXstreet.com. “For the short term, watch for a break below 1.2280 to signal a short term bearish correction, while only back again 1.2340 buyers will become in control.”
In the week ahead, the European Central Bank interest rate decision and a speech by ECB President Draghi will be closely watched on Thursday. On the flip side, US non-farm payroll figures for July will be released on Friday.
At the time of writing, EUR/USD sits quietly around the 1.2300 figure, with support levels noted at 1.2280, 1.2250 and 1.2220, while resistance levels lie at 1.2340, 1.2385 and 1.2410.
“In the 4 hours chart, indicators head south from extreme overbought levels, holding in positive territory,” observes Valeria Bednarik, Chief Analyst at FXstreet.com. “For the short term, watch for a break below 1.2280 to signal a short term bearish correction, while only back again 1.2340 buyers will become in control.”
