{"id":67685,"date":"2015-02-05T07:30:34","date_gmt":"2015-02-05T12:30:34","guid":{"rendered":"http:\/\/countingpips.com\/?p=67685"},"modified":"2015-02-05T07:31:40","modified_gmt":"2015-02-05T12:31:40","slug":"swiss-nation-bank-puts-floor-under-euro-momentum-remain-positive","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/02\/swiss-nation-bank-puts-floor-under-euro-momentum-remain-positive\/","title":{"rendered":"Swiss Nation Bank Puts Floor Under Euro; Momentum Remain Positive"},"content":{"rendered":"
February 5, 2015<\/div>
\r\n<\/div><\/div>

Article by ForexTime<\/a><\/p>\n

EUR\/USD reversed its earlier slide following reports that the Swiss Nation Bank intervened in the currency markets purchasing EUR\/CHF, which drove a 1.5% rally in the cross currency pair. The SNB\u2019s sudden abandonment of its former 1.2000 floors, but Thursday\u2019s activity puts a bullish floor under the EUR\/USD.\u00a0 This news comes following an announcement Wednesday evening that the ECB revoked a waver on Greek collateral that saw the currency pair tumble to support levels.<\/p>\n

The European Central Bank suspended waiver onGreek debt beginning next week on Feb 11. The central bank said in a statement that it cannot assume a successful conclusion of the troika\u2019s program review and that the suspension on the waiver on credit requirements for Greek government issued papers is in line with existing rules. The decision adds further pressure on Greece, as it means that Greek debt can no longer be used as collateral, as it is not investment grade. The ECB added Greek liquidity needs can be met by the Greek central bank through Emergency Liquidity Assistance.<\/p>\n

The Greek Finance Ministry in its response to the ECB\u2019s announcement on the decision to end the waiver on Greek government bonds in collateral requirements, highlighted that the ECB also stressed that the Greek banking system remains capitalized through the ELA mechanism.<\/p>\n

In economic news, the EU lifted Eurozone 2015 growth forecast to 1.3% from 1.1%. The winter set of forecasts from the European Commission predicts growth of 1.3% this year, followed by 1.9% next year for the Eurozone as a whole. Even Italy is expected to finally emerge from recession in 2015, although France and Italy are predicted to continue to underperform, highlighting the lack of reform in these countries.<\/p>\n

The EUR\/USD whipsawed plunging to support and then rallying back to the highs seen on Wednesday.\u00a0 Momentum remains positive, as the MACD (moving average convergence divergence) index recently generated a buy signal.\u00a0 A break of resistance at 1.1550 would target resistance near 1.19.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\"eur-020515\"<\/a><\/p>\n

 <\/p>\n

\n

\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime EUR\/USD reversed its earlier slide following reports that the Swiss Nation Bank intervened in the currency markets purchasing EUR\/CHF, which drove a 1.5% rally in the cross currency pair. The SNB\u2019s sudden abandonment of its former 1.2000 floors, but Thursday\u2019s activity puts a bullish floor under the EUR\/USD.\u00a0 This news comes following […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-67685","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/67685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=67685"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/67685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=67685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=67685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=67685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}