What’s in Store for the EUR/USD Today?
Rowan Crosby • 1 min read
Today is another important one for the EUR/USD, with the release of the ECB minutes from its March meeting.
The key focus for today will be on what the officials were thinking surrounding the asset purchases. While there was no official changes in the last meeting, there was a more hawkish tone around.
However, ECB President Mario Draghi did his best to downplay everything and the EUR/USD weakened.
Today traders will be focused on the nitty-gritty and if there is any room to cut back QE faster than anticipated.
Price hasn’t been all that much recently and we are now looking at key resistance level around the 1.2450 level.
The USD has been relatively week, even after a reasonably hawkish FOMC minutes which were released on Wednesday.
If there is something to take away from the minutes we might be in for a slight increase and a push towards the key resistance.
I really can’t see any big moves happening as the ECB are really giving nothing away at the moment. And the USD is calling the shots for the most part.
EUR/USD – 240 min Chart.