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EUR reacting to ECB Conatncio - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the activity earlier around Constancio.

Key Quotes:

"ECB’s Constancio suggesting that should current ECB measures prove insufficient, then in the first quarter of 2015 the central bank would consider buying sovereign bonds. However EUR is still trading within a relatively tight 1.2358 to 1.2600 four‐week range”.

“The focus from here is President Draghi’s speech during tomorrow’sEuropean session (6:30am EST) followed by Friday’s release of the flash CPI, expected to fall on headline to 0.3%y/y and remain stable at 0.7%y/y on core."

"EUR/USD short‐term technicals: mixed—with conflicting technical signals and a somewhat range bound trading environment, warns of better risk reward elsewhere. Support lies at Monday’s low of 1.2360 with resistance at Friday’s high of 1.2568; beyond there the four‐week range of 1.2358 to 1.2600 provides broader support/resistance levels."

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