EUR/USD closing in to end flat to last Friday's close on ECB expectations

Ross J Burland FXStreet

Currently, EUR/USD is trading at 1.1944, up 0.04% on the day, having posted a daily high at 1.1946 and low at 1.1937.

EUR/USD was ending flat for the week due to short covering in the NY session as investors looked to take some of the profits out of the massive short dollar squeeze post-Fed announcements on Wednesday.

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In Europe, there was a bid in the euro due to the UST/Bund spread in the ten-years narrowing around 4bp, completely pricing out the 'Fed-effect' in the previous day that took bears back behind 1.19 the figure for a high of 1.1922 in late London before a further advance in NY to 1.1953. However, the euro came under pressure in the latter part of the US session and the euro fell back to 1.1930 area and just below last Friday's closing price.

Britain and the EU are in a deadlock

"Potential gains are being limited by speculation that the ECB will continue with some sort of verbal intervention on spikes through the 1.2000 level, but a dollar's steeper recovery is on doubt, weighed by political jitters and the lack of progress in the growth agenda," explained Valeria Bednarik, chief analyst at FXStreet.

EUR/USD levels

Valeria also explained that the technical readings in the 4 hours chart indicate that the upward potential is limited: "Technical indicators have posted modest recoveries within negative territory, but remain in the red and with little directional strength, whilst the price is incapable to surpass its 20 and 100 SMAs, with the shortest providing an immediate resistance at 1.1965," she noted.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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