- 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.
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.