EUR/USD shows some reaction near 1.0640, Trump on sight

Pablo Piovano FXStreet

EUR/USD keeps the area of session lows in the 1.0640/20 band at the end of the week amidst a moderate recovery from the US Dollar.

EUR/USD focus on Trump

Choppy week for the pair so far, with gains clearly limited around the low-1.0700s and strong support emerging in the 1.0580/70 region.

The erratic performance of spot reflects the lack of a clear direction in the greenback, which remains under pressure in light of the upcoming speech by Donald Trump and despite recent auspicious results in the US docket and supportive Fedspeak.

The pair has managed to recover from the post-ECB dip to the area of 1.0580 following the unexpected dovish tone from the ECB, which has reiterated that any tapering of the current QE programme has been ruled out for the time being.

EUR/USD levels to watch

The pair is now losing 0.34% at 1.0629 facing the next support at 1.0625 (low Jan.20) followed by 1.0580 (short-term support line) and finally 1.0554 (20-day sma). On the flip side, a breakout of 1.0719 (high Jan.17) would open the door to 1.0798 (high Dec.5) and then 1.0873 (high Dec.8).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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