From the FXWW Chatroom: Support – 1.1616 / 1.1580 / 1.1530
Resistance – 1.1659 / 1.1715
Comment: EURUSD – Is this the beginning of the end of the EUR rally or rather the end of the beginning? It felt like consensus ahead of yesterday’s ECB meeting was that it will be dovish and there will be opportunities to buy EUR at better levels, but we went into the press conference at the lows just sub 1.15 and market chased it higher with nothing unexpected coming from Mr Draghi – we have seen decent buying eventually and in my opinon this could continue and eye 1.20. Bunds yielding at 52bsp this morning, so actually lower than yesterday, so we might see a dip in EUR to buy into – 1.1580 first good support.
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