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EUR/USD attempts a rebound to 1.0980

FXStreet (Edinburgh) - The European currency remains in the negative territory vs. the greenback, with EUR/USD meandering the 1.0960/70 area.

EUR/USD indifferent on Draghi

Spot keeps the range today following the speech by ECB’s M.Draghi, who once again defended the current quantitative easing programme and reiterated the ECB is ready to use all its disposable tools in order to achieve price stability. In that direction, he expects consumer prices to reach the central bank’s target in response to the recent re-evaluation of the bank’s policy tools.

Data wise in Euroland, EMU’s Industrial Production has surpassed expectations during October. Nothing of note is expected across the pond today, while the CPI will take centre stage tomorrow.

EUR/USD levels to consider

At the moment the pair is losing 0.08% at 1.0980 and a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the flip side, the next hurdle lines up at 1.1041 (high Dec.9) followed by 1.1060 (100-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524).

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