EUR/USD dips below 1.20 on Coeure's jawboning

Omkar Godbole FXStreet Contributor

EUR/USD came under a moderate selling pressure after ECB's Coeure said the monetary policy will remain accomodative for longer.

Coeure talked about subdued inflationary pressures and expressed concerns regarding the unwarranted tightening of the financial conditions caused by a strong Euro. Consequently, the EUR/USD pair dropped to a session low of 1.1993.

However, the selling pressure is not intense and appears to have stalled around 1.1995. Moreover, this looks like a half hearted attempt by Coeure to jawbone the EUR as the policy maker also said that the strong Euro may have less impact on growth.

Attentions today will likely remain on broader market sentiment as the domestic macroeconomic docket offers little to spark direction.

Options data discussed here, suggests the investors have hedged for a potential technical correction in EUR/USD.

EUR/USD Technical Levels

The immediate support is seen at 1.1969 [1-hour 100-MA] ahead of 1.1935 [1-hour 200-MA] and 1019 [zero figure]. On the other hand, a break above 1.2022 [1-hour 50-MA] would open doors for 1.2060 [Sep 7 high] and 1.2092 [previous day's high].

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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