EURO HIGHER ON TAPER TALK
The euro moved to a four-day trading high against the U.S dollar, at 1.1188, after news reports that the European Central Bank is worried about a growing scarcity of German government bonds.
The news makes any major extension of the European Central Bank's asset-buying scheme difficult, and this news will be a key consideration when policymakers decide whether to extend the current QE programme after this year.
Technically the EURUSD remains bullish in the short term whilst trading above the 1.1166 level, but neutral in the medium term as it still trades below the weekly pivot point at 1.1208.
Support for the EURUSD sits at the daily pivot point at 1.1155 and the daily time frame 20 period moving average at 1.1148.
Further upside today past intraday resistance at 1.1188, may provoke further euro buying towards 1.1208 and the former swing high at 1.1228.