Thursday, November 12, 2015

EUR/USD retests daily lows on more ECB QE talk

FXStreet (Córdoba) - EUR/USD shed a few pips and retested daily lows amid headlines suggesting the ECB could expand QE to municipal bonds.

Among lots of rumours and speculations on what would the ECB next move toward monetary easing - i.e. lifting the bond purchases amount, cutting deposit rate - Reuters added on Wednesday that the bank examines possible extension of QE purchases to include municipal bonds.

EUR/USD fell back to the 1.0705 zone but managed to quickly rebound and it was last trading around 1.0730, little changed on the day.

EUR/USD key levels

As for technical levels, next supports are seen at 1.0673 (Nov 10 low), 1.0660 (Apr 21 low), 1.0624 (Apr 16 low) and then 1.0570 (Apr 15 low). On the other hand, resistances could be found at 1.0790 (Nov 9 high), 1.0863 (10-day SMA) and 1.0896 (Nov 5 high) followed by 1.0966 (Nov 4 high).
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