EURUSD rallies above 1.2000 on hawkish ECB minutes
|EURUSD
The Euro surged above 1.2000 barrier (psychological resistance/10SMA) on strong bullish acceleration, driven by hawkish minutes of ECB's Dec meeting. The European central bank said it will revisit its policy message in early 2018, suggesting that policymakers could start preparing markets for the end of massive stimulus program soon. The Euro spiked to 1.2044 on more hawkish than expected ECB's stance which attracted investors for fresh Euro longs. Also, US weekly jobless claims increased for fourth straight week, lending additional support to the single currency. Today's rally retraced nearly 76.4% of 1.2088/1.1915 pullback, generating positive signal that corrective phase might be over. Close above 1.2000 is seen as minimum requirement to keep fresh bulls in play, with close above 1.2022 (Fibo 61.8% of 1.2088/1.1915) needed to generate stronger bullish signal for eventual extension towards key resistances at 1.2088/92 (peaks of 04 Jan/08 Sep). Alternative scenario sees increased risk of return to key support at 1.1915 (correction low/rising 20SMA) on return and close below 10SMA.
Res: 1.2044; 1.2052; 1.2088; 1.2092
Sup: 1.2022; 1.2000; 1.1981; 1.1956
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.