EUR/USD: Euro trading lower as investors await the ECB policy meeting later today

January 10, 2013

EURUSD Movement

For the 24 hours to 23:00 GMT, EUR declined 0.22% against the USD and closed at 1.3053, as investors remained cautious ahead of a European Central Bank meeting later today.

However, the European Union President, Herman Van Rompuy stated yesterday that the euro-area economy is likely to resume growth this year after slipping into a recession in 2012.

On the economic front, gross domestic product (GDP) in the Euro-zone declined 0.1% (QoQ) in Q3 of 2012, in line with the previous estimate and following a 0.2% decline registered in the previous quarter. Separately, Germany’s seasonally adjusted industrial production increased 0.2% (MoM) in November, compared to a revised 2.0% drop recorded in the previous year.

Meanwhile in a noteworthy development, Ireland successfully completed an auction of long term bonds, sending strong signals that it is regaining access to markets just over two years after its bailout.

In the Asian session, at GMT0400, the pair is trading at 1.3045, with the EUR trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.3023, and a fall through could take it to the next support level of 1.3. The pair is expected to find its first resistance at 1.3082, and a rise through could take it to the next resistance level of 1.3118.

Trading trends in the pair today are expected to be determined by the outcome of the ECB interest rate decision scheduled later today.

The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.

Publication source
GCI information  GCI reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

FX Giants Rating
FOREX.com Rating
Larson&Holz IT Ltd Rating
OctaFX Rating
FxPro Rating
EXNESS Rating

Beeoptions Rating
Binary.com Rating
OptionBit Rating
Binary Brokerz Rating
OptionFair Rating
Migesco Rating