The Euro is ready to update its highs. Overview for 29.06.2017

The sales of the main currency pair, which happened yesterday, were compensated; investors are ready to move on.

The EUR/USD pair is growing quickly on Thursday morning. The current quote for the instrument is 1.1410.

Yesterday afternoon, something unusual was happening to the EUR/USD pair. Investors started selling the instrument quickly and it fell approximately by 80 pips. The reason for this was some unconfirmed information from the ECB.

The Bloomberg agency presented an article, which, with reference to some anonymous source in the European Central Bank, said that investors misunderstood the words of the ECB President, Mario Draghi. This is about the moment, when Draghi spoke about the expansion of the Eurozone economy system while keeping the QE program as it was. At that time, the market focused on the first part of the sentence, but ignored the second one.

In such situation, the bullish rally in the main currency pair died out, but later in the evening, receiving no official acknowledgement, investors started to buy and compensate their emotional sales. As a result, the main currency pair reached the highs of June 2016.  

Hardly anything can prevent the Euro from breaking the high of the last 12 months, because the attitude to the USD right now is pretty poor. However, today and tomorrow the USA are going to report on the country’s GDP and this statistic may provide a new impulse to the main currency pair. The direction of the impulse will depend on the readings from these reports.

RoboForex Analytical Department