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COZfx: Euro trading higher ahead of ECB Chief’s speech

Discussion in 'Analisa Fundamental' started by harryer, Sep 13, 2013.

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  1. harryer

    harryer Member

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    COZforex: For the past trading session, EUR rise 0.35% against the USD and closed at 1.3314, as optimistic comments from the European Central Bank Executive Board Member, Jorg Asmussen, and waning tension of Syrian crisis boosted investors’ risk-appetite.

    Yesterday, Jorg Asmussen, in a newspaper interview stated that the bailout policy made by the Euro-zone’s officials to aid its crisis-stricken states is bearing fruit. Positive sentiments were also fuelled, as the possibility of a US military strike over Syria waned after the White House confirmed that the US President, Barack Obama would work along with France and Britain to achieve a United Nations resolution over Syria’s commitment to place its chemical weapons under international control.

    Meanwhile, in the Euro-zone, a report showed that Germany’s consumer price index rise 1.5% during August, at par with market expectation and compared to a 1.9% rise registered in the previous month. Another official report depicted that non-farm payrolls in France declined 0.2% amid the second quarter, following a 0.1% decline seen in the earlier quarter.

    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.3267, and a drop through could take it to the next support line of 1.3214. Meanwhile, the pair is predicted to find its first resistance at 1.3349, and a rise through could take it to the next resistance line of 1.3378.

    Trading trend in the euro is expected to be determined by the ECB’s monthly report on the prevailing economic situation in the Euro-zone and the ECB President, Mario Draghi’s speech, expected to commence later during the day. Investors are also expected to keep a close watch on the release of Euro-zone’s industrial production report, slated later today.

    (COZ forex UK)
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