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EUR/USD relegated to 1.3120 pre-ECB

FXStreet (Edinburgh) - The EUR now accelerates its decline on Thursday, dragging the EUR/USD to the 1.3125/20 band ahead of the ECB meeting.

EUR/USD all the attention to the ECB

Spot has now broken below the sideline pattern between 1.3140 and 1.3155 that prevailed so far while markets wait for the ECB monetary policy statement due later. Data wise in the region, German Factory Orders surprised to the upside, expanding 4.6% inter-month in July. “We do not expect the ECB to cut rates or enact QE… ECB President Mario Draghi’s dovish speech at Jackson Hole represented his take on the euro area outlook but, in our view, he will not be able to convince the ECB Governing Council only three months after the June meeting”, assessed Thomas Harr, Senior Analyst at Danske Bank.

EUR/USD relevant levels

At the moment the pair is retreating 0.12% at 1.3133 with the next support at 1.3110 (low Sep.2) ahead of 1.3105 (low Sep.6 2013) and then1.3051 (low Jul.16 2013). On the upside, a breakout of 1.3160 (high Sep.3) would target 1.3196 (high Aug.29) en route to 1.3222 (high Aug.28).

NZD/USD finds support at 0.8300... ECB will dictate direction - ForexTrading.TV

Nick Jordan, currency analyst at ForexTrading.TV, points out that after finding support at 0.8300, further direction of the NZD/USD will be dictated by the ECB monetary policy meeting.
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