Euro Getting Speculative AttentionThe Euro is trading within its higher boundaries against the U.S Dollar. On Thursday, the European Central Bank will release its monetary policy decision and outlook.
The Euro is likely to attract more speculative trading positions in the days ahead.
Euro Maintains its Current Trading Boundaries
The Euro continues to maintain its high tiered value as it trades near 1.2230 against the U.S Dollar early today.
The Euro has come off slightly higher values seen last week, but its ability to consolidate within its current boundaries has not gone unnoticed by speculators.
Significant Climb Holds for Euro
The Euro has made a significant climb in the mid-term and has been able to stay above the important 1.21 level against the U.S Dollar for nearly ten days.
The European Central Bank will deliver their monthly monetary policy pronouncements this Thursday, and investors will pay strict attention to President Mario Draghi’s outlook and rhetoric.
Combination of Central Bank Influences
The Euro has gained not only on solid economic data coming from the European Union but because sentiment has begun to shift for the U.S Dollar.
The combination of a potentially more aggressive European Central Bank, and a U.S Federal Reserve which needs to be more restrained may create more speculative momentum for the Euro.
In the short term, we believe the Euro may be positive. In the mid-term and long-term, we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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