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Forex: EUR/USD back above 1.3400

The bloc currency is picking up some pace now, trading back above the key resistance at 1.3400, as bearishness continues to prevail among euro traders.

Focusing on Draghi’s announcements that triggered a sharp sell-off in the euro, Currency Analyst at DailyFX, Christopher Vecchio, argued “the ECB’s head used his press conference to concentrate on weak growth prospects and subdued price pressures, inherently raising speculation that the ECB would cut its rate below 0.75% in the coming months”. The expert also added that with the incoming LTRO repayments and the subsequent tightening of the ECB’s balance sheet, further euro weakness should be temporary.

At the moment, the cross is down 0.88% at 1.3403 with the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) en route to the psychological level at 1.3200
On the flip side, a surpass of 1.3523 (MA10d) would aim for 1.3598 (high Feb.5) and then 1.3659 (Upper Bollinger).

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