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Once again EUR/USD has been unable to break through the 1.3400 level. In advance of the announcement from European Central Bank head Mario Draghi tomorrow, it is thought likely that his comments about ‘the EU turning a corner’ have finally come to fruition, albeit six months later than initially hoped for. It is possible that many currency traders will prefer to keep their powder dry today, waiting for a clearer indication of direction tomorrow.
Ahead of tomorrow’s figures, we have been given an optimistic outlook by the German ZEW economic sentiment figures, which moved higher. Although, of course, this is only a reflection of the confidence felt by institutional managers in mainland Europe, it certainly hints towards tomorrow’s figures improving.
When we look at the chart from the beginning of the year, it appears that the 1.3200 ceiling that had been present has now been replaced by 1.3400. However, the support has remained at 1.2800 throughout this time. Undoubtedly it is range-traders who have benefitted most from this particular currency cross.