EUR/USD within range ahead of ECB, around 1.2370

The index keeps the familiar range around 1.2370 ahead of ECB.
ECB minutes next of relevance in Euroland along with ECB-speak.
US Initial Claims, Export/Import Index coming up next in the US docket.

Pablo Piovano FXStreet

EUR/USD remains within the familiar range on Thursday, currently hovering over the 1.2370 region ahead of the key ECB minutes.

EUR/USD now looks to ECB

Spot is navigating a narrow range during the second half of the week, with the upside faltering around 1.2380 and decent support so far emerging in the mid-1.2300s.

The pair’s momentum keep looking to the risk appetite trend for direction, particularly after renewed risk aversion in light of the likely US military action in Syria, involving Russia at the same time.

Today’s publication of the ECB minutes has grown in importance following recent hawkish comments by ECB officials, while the central bank continues to slowly move towards normalization.

In the US data space, March’s Export/Import Prices are next on tap seconded by weekly Initial Claims and the speech by Minneapolis Fed N.Kashkari (non voter, dovish).

EUR/USD levels to watch

At the moment, the pair is losing 0.01% at 1.2365 and a breakdown of 1.2320 (21-day sma) would open the door to 1.2310 (10-day sma) and finally 1.2214 (low Apr.6). On the upside, the initial hurdle emerges at 1.2396 (high Apr.11) followed by 1.2478 (high Mar.27) and then 1.2538 (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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD stays bid near 1.1650 ahead of Fed rate decision

EUR/USD keeps the green near the 1.1650 level in the European session on Wednesday. Markets turn cautious and ignore the US Dollar ahead of the US Federal Reserve interest rate decision later on Wednesday, where a 25 bps rate cut is almost fully priced in. Meanwhile, cautious ECB-speak keeps the Euro afloat.

GBP/USD holds gains above 1.3300, eyes on Fed outcome

GBP/USD trades on a firmer note above 1.3300 in Wednesday's European session. The US Dollar weakens against the Pound Sterling as the US Federal Reserve is widely expected to announce another interest rate cut on Wednesday. Next of note will be the UK monthly Gross Domestic Product (GDP) report that will be published on Friday.

Gold struggles around $4,200, looks to Fed for fresh impetus

Gold extends its sideways consolidative price move through the European session and trades around $4,200 this Wednesday. Traders now seem reluctant and opt to wait for the outcome of a two-day FOMC policy meeting later in the day. The key focus will be on updated economic projections and Powell's speech.