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Forex: EUR/USD prints high at 1.2881 before turning flat

FXstreet.com (Barcelona) - The current upside momentum after a first tumble in reaction to ECB Draghi’s speech started from a new 2013 low at 1.2747 and has reached 1.2881 so far. The EUR/USD is currently resting at the opening price of 1.2848.

Much volatility has been seen today, particularly since comments from Draghi about ECB’s future policy. He reminded that the ECB cannot fight the crisis on its own and that EU Member States should carry on with structural reforms in order to stimulate competitiveness and growth and reduce deficits. Also, he said that the bail-in to Cyprus will not be used as a template for other Eurozone countries. However, due to his vague speech and positioning itself ahead of tomorrow’s US NFP report, the market found 1.2747 as an interesting bid area and pushed the EUR/USD to 1.2881 high.

“The target of the third wave is at the level of 1.2890. Later, in our opinion, the price may fall down towards the level of 1.2815, form another ascending structure to reach the level of 1.2935, and then continue moving downwards to reach the target at 1.2700”, wrote Roboforex.com analyst Igor Sayadov.

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