Thursday, January 15, 2015

$EUR/USD clings to 1.1700

$EUR/USD seems recovered after the SNB caught everybody off guard in today’s meeting, now regaining the 1.1700 region after being down to 1.1570. 

$EUR/USD calmer, keeps in red

The offered tone remains intact around the euro today, with spot struggling to keep the trade in the vicinity of 1.1700 so far. Less relevant data in the euro area – German GDP and EMU’s trade balance – did nothing to curb the selling sentiment, while traders now shifted their attention to the more relevant data from the US calendar due later: Initial Claims, Producer Prices and regional manufacturing results. 

$EUR/USD key levels

At the moment the pair is down 0.80% at 1.1694 with the next support at 1.1580 (2015 low Jan.15) ahead of 1.1376 (low Nov. 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, a breakout of 1.1792 (high Jan.15) would open the door to 1.1845 (10-d MA) and finally 1.1871 (high Jan.12).