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EUR/USD battling back to save face

FXStreet (Guatemala) - EUR/USD is trading at 1.3134, moving away from the 1.3110 key zone that had been under attack overnight.

EUR/USD is likely in for a turbulent ride this week with a series of catalysts in data and not to mention the Central Banks meetings. The ECB has a number of variables that need to be considered in their management of the economy although analysts at Rabobank explained that there’s a general perception that a lower EUR/USD will reduce the impetus on the ECB to engage in QE, as this would generate counterbalancing inflationary pressure. They said they would argue that this remains to be seen, as it still depends on what’s exactly driving EUR/USD lower. “Weaker economic prospects on the back of an escalating situation in the Ukraine were mostly responsible for the recent pullback in EUR/USD”.

EUR/USD support and resistance levels

Support levels: 1.3105 1.3080 1.3050

Resistance levels: 1.3145 1.3180 1.3215

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