The Dollar is consolidating gains against the Euro. EUR/USD has been moving in a range between 1.3900 and 1.3925 in the last hours after falling from 1.4025.
Currently the pair trades at 1.3912/15, 0.36% below the price it had at the beginning of the day and near daily lows that lie at 1.3898.
“EUR turned lower after the release of better than expected January ADP employment report as the report fuels US recovery hopes and higher bond yields. This week's main focus is Thursday's ECB policy meeting. The ECB is widely expected to hold monetary policy unchanged and confirm that a gradual exit from nonconventional policy matters will continue,” Michael J. Malpede, analyst at Easy Forex, comments regarding recent performance of the Euro against the Dollar.
On the technical outlook, M. Malpede says that is negative for the EUR as it “trades below 1.4000. Expect EUR support at 1.3830 the June 22nd low with resistance at 1.4053 the January 28th high”.
Source : http://www.fxstreet.com
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4 February 2010
EUR/USD holds near 1.3900
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