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Forex: EUR/USD dips to 1.3480 on Draghi

The single currency reverted initial gains and dipped to critical support levels around 1.3480 on Thursday, after a dovish press conference by ECB’s Presiden M.Draghi is weighting on the cross.

Draghi also expects the inflation to dip below the 2% in the mediun term, keeping expectations around that level as well. He informed that weakness in the euro area would persist in the first part of the current year, allowing a recovery later. In the same tone, he warned that a high exchange rate would pose risks to inflation.

At the moment the cross is down 0.24% at 1.3488 with next support at 1.3459 (low Feb.5) and then 1.3425 (MA21d).
On the flip side, resistance levels are located at 1.3598 (high Feb.5) and then 1.3659 (Upper Bollinger).

Forex: GBP/USD sees initial downside post ECB press conference

Having declined from it Carney led spike this morning, GBP/USD has declined to find support ahead of the hotley anticipated ECB policy statement and subsequent press conference.
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Forex Flash: USD looks for triggers to sustain momentum – Westpac

According to Sean Callow, a Global FX Strategist at Westpac, “The USD is still struggling to build a compelling multi-week case for a sustained upside movement as a slowdown in the Fed’s $85B p/m asset purchase program would be one key trigger, however the US labor market is unlikely to generate a string of 200k+ monthly jobs prints amid building fiscal headwinds for the foreseeable future.”
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