EUR/USD (ING) : The ECB could support the Euro on the Forex, but the pair is likely to recede in a first time

ING notes that EUR/USD could be sustained on the Forex by the decision of the ECB.

«EUR/USD was rather well kept hitherto in view of the distance continuously spread of short-term rates and uncertainty in Spain.

The attention of this will be turned towards the ECB, where we expect a reduction in the QE – of 60mds 20-25mds per month – which could trigger a rebound in EUR/USD.

This could send EUR/USD towards 1.20, but it might suffer a decline.

Under 1.1730 EUR/USD may fall to 1.1670. «

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