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ECB Provides Levity to Euro but EUR/JPY, EUR/USD Hold Ranges

ECB Provides Levity to Euro but EUR/JPY, EUR/USD Hold Ranges

2014-06-09 11:00:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- ECB plays its hand, where does the Euro go from here?

- EURJPY and EURUSD ranges look to hold as vol stays low.

- Forex economic calendar sees Euro inflation data later in the week.

The ECB may have dampened stimulus speculation as a driver for the 18-member currency, so we turn our attention back to the charts for guidance. Whereas the EURJPY and EURUSD looked to be making significant breaks signifying the start of a new wave of weakness, the reversals seen on Thursday simply can't be ignored.

Nevertheless, the levity provided by the ECB has done little to shake the recent ranges held by the two main EUR-crosses; the ranges pre-dating the ECB meeting are firmly back in hold.

What this means is that EURUSD needs to see a move out of (and daily close beyond) $1.3675 to the topside or $1.3585 lower before acceleration is truly possible. It's a similar picture for EURJPY, with ¥139.95 and ¥138.10 governing price the past several weeks.

Read more: ECB Plays its Hand, Economic Data Back in Euro Driver Seat

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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