Euro increased in an uneventful Wednesday's trade

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Wednesday, Jun 22 2016

There were no major data releases from Eurozone today. Today’s price action indicates that the buying is strong enough today to overcome Tuesday’s steep sell-off that was triggered after European Central Bank President Mario Draghi reiterated his willingness to act to bolster inflation. Draghi said inflation dynamics in the Euro Zone remain “rather subdued” even as the economic recovery “gained momentum at the start of the year.”

Without the major players standing in the way on Wednesday, small speculators can run the EUR/USD in either direction. Based on the early price action, it looks as if we may see an upside bias all day but the market is likely to remain inside yesterday’s wide range.

Euro is currently being traded few points below 1.13 level. Pair is likely to find support around 1.1250 handle and resistance above 1.1330 level.

More in this category: « Existing Home Sales at an annual rate of 5.53 million German Manufacturing PMI unexpectedly rose last month »

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