EUR/USD rejected at 5-DMA in Asia
|EUR/USD recovery gathered pace in Asia, but the momtneum was not strong enough to push through 5-DMA hurdle at 1.11.
EUR traders await ECB
ECB is not expected to tweak its policy tomorrow, however, markets would scan the policy statement and would be all ears for Draghi’s speech for clues regarding possible timing of the QE Taper.
Experts believe QE Taper is unlikely to happen any time soon and Draghi is likely reiterate readiness to run the QE program as long as required.
As for today, US-German bond yield differential, US housing data and Fed speak could influence the pair. The spot was last seen trading around 1.0985 levels.
EUR/USD Technical Levels
A break above 1.10 (5-DMA) would expose 1.1048 (weekly pivot). A violation there could yield 1.1126 (weekly pivot resistance). On the lower side, breach of support at 1.0964 (Oct 17 low) would open doors for a sell-off to 1.0911 (Brexit day low). Next major support is seen at 1.0822 (Mar 10 low).
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