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Euro struggling with 1.12 handle

Monday, Sep 28 2015
There were no data releases from Eurozone today, with traders still weighing on recent Janet Yellen's comments concerning rate hike, but also paying attention to developments in Eurozone. Helping to support the Euro for a time last week were slightly less dovish comments by European Central Bank President Mario Draghi.
 
In a prepared speech before the European Parliament’s Committee on Economic and Monetary Affairs, he said the ECB needed more time to assess whether to boost its stimulus program. He further added that the bank was ready to act but needed more evidence to see if the emerging market slowdown, the Euro’s strength and the fall in commodity prices would knock inflation from its projected path.
 
Euro is currently being traded below 1.12 handle. Pair is likely to find support around 1.1130 level and resistance above 1.1250 area. Later today, in the US session, Pending Home Sales data is scheduled for a release.
More in this category: « BoE unlikely to rise interest rates until mid 2016 Pending Home Sales decreased 1.4% »

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