Euro jumps over no further action rumor

Euro jumped sharply against all of its major trading counterparts today as Reuters report cited unnamed ECB officials worrying over further actions from the central bank. Last December, when hawks, led by German Bundesbank president Jens Weidmann reigned over policy meeting, forcing doves to retreat, ECB gave birth to much lower than expected policy move. ECB president Mario Draghi tried to defend the move but he was largely seen as fumbling.

Though weak economic data, especially inflation has kept Euro under check, without further actions from central bank Euro might move higher and break above December high.

We, at FxWirePro, have been calling to Long Euro @1.09 and at dips targeting 1.104, 1.13 and 1.15 with stop loss around 1.05.

Euro moved up to as high as 1.094 over Reuters report on ECB officials wary and now trading at 1.091 against Dollar.