Wednesday, November 11, 2015

EUR/USD unmotivated around 1.0740

FXStreet (Edinburgh) - The shared currency is clinging to its daily gains vs. the dollar on Wednesday, taking EUR/USD to the 1.0740 area.

EUR/USD focus on risk, Draghi

The pair has faded its initial spike to the 1.0780 area, retreating to the current 1.0750/40 band ahead of the speech by President M.Draghi at the BoE event.

According to market consensus, M.Draghi would refrain from talking about monetary policy today, leaving the pair to extend its consolidative pattern around current levels pending developments from the broader risk trends.

EUR/USD levels to watch

As of writing the pair is advancing 0.23% at 1.0739 facing the next resistance at 1.0943 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1088 (200-day sma). On the flip side, a breach of 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
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