12 Jan 2015
EUR/USD back to square one
FXStreet (Córdoba) - EUR/USD has been oscillating in a range Monday as investors refrain from taking big positions in the absence of economic data or events to drive the market and amid lingering doubts about ECB action.
EUR/USD was rejected from a high of 1.1870 and briefly dropped below the 1.18 mark to hit a low of 1.1785 where it found support and rebounded, erasing daily losses. At time of writing, the pair is trading at the 1.1825 zone, virtually unchanged on the day.
The euro however, remains within a touching distance of its 9-year low scored last week at 1.1753 amid speculation the ECB could launch a QE program later this month.
EUR/USD technical levels
As for technical levels, on the upside resistances are seen at 1.1870 (daily high) and 1.1900 (psychological level) ahead of 1.1952 (10-day SMA). On the other hand, supports could be found at 1.1785 (daily low), 1.1762 (Jan 9 low) and 1.1753 (9-year low Jan 8).
EUR/USD was rejected from a high of 1.1870 and briefly dropped below the 1.18 mark to hit a low of 1.1785 where it found support and rebounded, erasing daily losses. At time of writing, the pair is trading at the 1.1825 zone, virtually unchanged on the day.
The euro however, remains within a touching distance of its 9-year low scored last week at 1.1753 amid speculation the ECB could launch a QE program later this month.
EUR/USD technical levels
As for technical levels, on the upside resistances are seen at 1.1870 (daily high) and 1.1900 (psychological level) ahead of 1.1952 (10-day SMA). On the other hand, supports could be found at 1.1785 (daily low), 1.1762 (Jan 9 low) and 1.1753 (9-year low Jan 8).