EUR/USD unchanged on ECB minutes, upside capped near 1.2310

Spot quickly reverted the spike to session peaks near 1.2310.
ECB minutes showed some members preferred to drop easing bias.
US data, Fedspeak next on tap in the NA session.

Pablo Piovano FXStreet

EUR/USD is hovering over the 1.2300 neighbourhood on Thursday, posting small gains for the day following the publication of the ECB minutes.

EUR/USD up on USD-selling, Fedspeak eyed

Spot managed to stage a moderate rebound after bottoming out in the 1.2260 region earlier in the session, all amidst some correction lower in the greenback, as sellers seem to be clustered above the 90.00 handle when measured by the US Dollar Index (DXY).

Furthermore, the European currency stayed apathetic on the ECB minutes, where some members of the Governing Council preferred to drop the easing stance. In addition, the Governing Council stressed that it is till premature to change the central bank’s communication.

On another direction and on the US data front, weekly initial claims are next on tap ahead of speeches by New York Fed and permanent voter W.Dudley (centrist), Dallas Fed R.Kaplan (non voter, hawkish) and Atlanta Fed R.Bostic (voter, centrist).

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.2280 and a breach of 1.2206 (low Feb.9) would open the door to 1.2167 (50% Fibo of 2014-2017 drop) and finally 1.2165 (low Jan.18). On the flip side, the next hurdle aligns at 1.2353 (10-day sma) seconded by 1.2371 (21-day sma) and then 1.2537 (high Jan.25).

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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