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EURUSD lower before ECB policy meeting, 12.06.2012

ForexZig.com December 6, 2012

The euro was traded lower against the American dollar during the today’s session, moving away from its seven-week highs, as traders were expecting the impending European Central Bank policy-setting meeting later in this trading session.

During the late Asian trade, the currency pair EURUSD hit the level of 1.3046, which is bottom for this session. Later on, the pair EURUSD found consolidation at 1.3050.

The pair EURUSD was supposed to find support at 1.2982, which is bottom from December 3, and resistance at 1.3125, a highest level from Wednesday and top for a period of more than one-and-a-half month.

EURUSD

EURUSD, H1

The ECB was in a big extend supposed to keep rates unchanged at 0.75% later today, while a post-policy meeting press conference by President Mario Draghi would be closely observing for indications on the future direction of monetary policy.

There is a continuous demand for the single currency, forced by recent signs of progress in dealing with the debt crisis in the region. However there is a negative attitude over the weak outlook for the euro zone economy.

The euro was traded partly lower against the pound, with EURGBP going down to 0.8114 and went away from eight-month highs against the yen, with EURJPY trading at 107.57.

Later today, Germany is about to show official data on factory orders, besides America the U.S. is expected to publish the weekly government report on initial jobless claims.

Support: 1.3018, 1.2982, 1.2660;
Resistance: 1.3125;

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