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EUR/USD supported on 1hr 200 SMA

FXStreet (Guatemala) - EUR/USD is currently trading at 1.1373 with a high of 1.1378 and a low of 1.1350.

EUR/USD has been pressured to trade in the vicinity of the 200 SMA on the hourly chart at 1.1349 currently ahead of the ECB this week and subsequent risks to the downside on speculation of a requirement for action from the Central Bank before the end of the year.

"We expect the ECB will leave its policy rate and QE program unchanged at the ECB monetary policy meeting next week but to ultimately scale up its QE program in December. In anticipation of a potential change in policy in December, we think the risks lie in the dovish direction for the ECB next week as the ECB could set the stage for an upsizing of QE," explained analysts at ANZ.

Meanwhile, the greenback gained towards the end of last week's business with a CPI beating expectations adding to the potential of a hike from the Fed by the end of the year.

EUR/USD levels

Technically, while supported on the 200 SMA at 1.1349, to the downside a break of here suggests a bearish picture in the near term while the range is broad between 1.1300/1.1500. Meanwhile, the price trades above the pivot of 1.1360 targeting 1.1385 and 1.1423 on the upside for the immediate term while support comes as 1.1322 and 1.1297 ahead of S3 at 1.1259.

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