Euro Opens Lower Ahead Of Draghi Speech
Capitol Academy | Nov 17, 2014 03:20AM ET
EUR/USD strengthened and rallied above $1.2500-level as short covering and profit taking took place after U.S. Bond yields fall on Friday. Any further advance will be capped because the short and long term main trend for the EUR/USD pair remains bearish due to central banks divergences; the ECB is taking steps toward further easing while the Federal is under pressure to hike interest rates
Traders may stay cautious ahead of ECB President Mario Draghi speech.
EUR/USD jumped above $1.2500-level and faced a first resistance from its Daily-SMA (20) at $1.2540. To the upside, a strong resistance lays at $1.2635 which provides a good opportunity to “short” the pair for day traders. To the downside, if prices close below $1.2415 the decline will be accelerated.
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