EUR/USD stabilizing around 1.3760

FXStreet (Edinburgh) - EUR buyers remain absent at the end of the US session on Wednesday, with the EUR/USD attempting a consolidation pattern around 1.3760/55.

EUR/USD all eyes on ECB, NFP

Market participants are reluctant to take any position ahead of the expected close call from the ECB meeting and press conference tomorrow and US Payrolls on Friday (196K exp.). Spot is coming down from session tops at 1.3820, although further consolidation would be the most likely scenario, as we get closer to the main events. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect that ECB policy eventually weighs heavily on EUR and see significant risk that this process begins tomorrow. We hold a year-end EUR forecast of 1.30”.

EUR/USD levels to watch

At the moment the pair is losing 0.24% at 1.3760 and a breakdown of 1.3755 (low Apr.2) would open the door to 1.3721 (low Mar.31) and finally 1.3719 (55-d MA). On the upside, the initial hurdle lines up at 1.3820 (high Apr.2) followed by 1.3827 (high Mar.26) and then 1.3828 (21-d MA).