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EUR/USD rebounds to 1.1180

FXStreet (Edinburgh) - After an ephemeral visit to the 1.1120 area, EUR/USD is now back on track to recover the upper bound of the daily range in the 1.1170/80 band.

EUR/USD indifferent to Draghi

The pair quickly shrugged off poor results of advanced PMIs in Euroland for the current month, concentrating instead in comments made by ECB officials, showing divided opinions regarding the likeliness of further ECB easing in the medium to longer run.

In his speech before the European Parliament, President Draghi stressed that the central bank’s policy will remain accommodative while lower energy prices should sustain the recovery.

Across the pond, advanced Markit’s Manufacturing PMI for September came in at 53.0, a tad below estimates albeit matching the previous month’s print. Next on tap will be another speech by Atlanta Fed D.Lockhart.

EUR/USD levels to watch

As of writing the pair is advancing 0.47% at 1.1173 and a breakout of 1.1207 (high Sep.22) would aim for 1.1330 (high Sep.21) and the 1.1373 (high Sep.14). On the other hand, the next support aligns at 1.1105 (low Sep.23) followed by 1.1089 (low Sep.4) and finally 1.1017 (low Aug.19).

ECB to stay accommodative through risks – ECB’s Draghi

The European central Bank chief Mario Draghi, while addressing questions in the EU parliament, stated that the monetary policy would stay accommodative through transitory/permanent risks to the EU economy.
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USD/CHF fails to sustain gains, SNB says franc still significantly overvalued

USD/CHF printed fresh daily highs at the beginning of the American session but failed to sustain gains and retreated. Overall, the pair continues to trade within familiar ranges as investors search for catalysts to offer direction in the absence of first-tier data.
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