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12 Mar 2015
EUR/USD hovers above 1.0600
FXStreet (Córdoba) - EUR/USD entered a consolidation phase above 1.0600 during the last hours following a steep recovery from fresh 12-year low of 1.0499 scored at the beginning of the European session.
EUR/USD is taking a breather following a 900-pip drop which was fueled by ECB bond buying program and growing speculation the Fed could start rising rates in June.
EUR/USD climbed around 180 pips throughout the day and reached a high of 1.0681 before losing steam. The pair settled in a range over the last hours and it is currently trading at 1.0615, 0.65% above its opening price.
EUR/USD short-term perspective
“The pair may continue correcting higher, but the dominant bearish trend will prevail in the longer run”, said Valeria Bednarik, chief analyst at FXStreet. “Short term, the pair needs to break below the 1.0550 support area to resume the bearish potential, back to challenge the critical 1.0500 figure”.
EUR/USD is taking a breather following a 900-pip drop which was fueled by ECB bond buying program and growing speculation the Fed could start rising rates in June.
EUR/USD climbed around 180 pips throughout the day and reached a high of 1.0681 before losing steam. The pair settled in a range over the last hours and it is currently trading at 1.0615, 0.65% above its opening price.
EUR/USD short-term perspective
“The pair may continue correcting higher, but the dominant bearish trend will prevail in the longer run”, said Valeria Bednarik, chief analyst at FXStreet. “Short term, the pair needs to break below the 1.0550 support area to resume the bearish potential, back to challenge the critical 1.0500 figure”.