EUR/USD at weekly high after ECB comments

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There was a slight risk that President Draghi, having seen the euro weaken a lot since the last meeting, might back off the need to lower the deposit rate."
- ING Groep NV (based on Bloomberg)

Pair's Outlook

EUR/USD jumped above July low at 1.0808 on Thursday, following moderately hawkish comments from ECB Executive Board member Benoit Coeure. Additionally, daily trading volume surged to the highest level since Oct 23. Now we expect a bounce back off this currency pair as bears are preparing for EU GDP and US retail sales data later on Friday. Positive US numbers may push EUR/USD towards recent lows at 1.07, while encouraging Euro zone numbers should keep the pair uplifted above 1.08.

Traders' Sentiment

SWFX bullish share rose marginally from 52% to 53% by Friday morning. Alongside, the percentage of long pending orders in 100-pip range from the spot price increased to 49%, up from 48% yesterday.

© Dukascopy Bank SA
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