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EUR/USD trading steady around 1.3150 ahead of ECB - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the ECB is trading close to the 1.3150 area ahead of the ECB interest rate announcement.

Key quotes

"Market is uncertain about what Mario Draghi may bring to the table today, with a high percent of speculation it can add some sort of stimulus following his latest strongly dovish comments, at the Jackson Hole Symposium last month."

"But the complexity of implementing QE in the EU may leave us with an ultra dovish statement and a wait and see stance deferred towards past September 18 with the Central Bank will allegedly launch the first TLTRO operation."

"From a technical point of view, the pair maintains a strong bearish tone, with price consolidating a few pips above the year low of 1.3108 and with immediate resistance at 1.3180, 23.6% retracement of the latest bearish run measured from mid August."

"If price manages to advance above the level, the next bullish target comes at 1.3225, 38.2% retracement of the same Fibonacci rally, with 1.3240 tops for the day."

"A break below the low on the other hand, exposes the 1.3050 price zone, with the movements likely fading in the US afternoon, ahead of Friday’s US employment figures."

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