Hello Traders,

In this Daily EUR/USD Commentary I will be brief I have been trading since early this morning and I need a break.

Ok, let's go.....Today the session was surely filled with chop, the EUR/USD popped up to the 50% Fib level after bottoming at 1.3459, the EUR/USD has tested The pair closed up about +49%.

The risk on was triggered  earlier from unconfirmed rumors  suggesting the EUR/USD  isn't strong enough to trigger ECB action. Later on the day, President Hollande spoke about  measures that must be taken to prevent “irrational movements” of the single currency.

Fitch affirmed the Kingdom of the Netherlands' AAA rating but at the same time, the agency revised outlooks on the country' ratings to Negative from Stable according to a press release.

Also in U.S. news Obama stated that the U.S. Budget may not be ready by March 1 and calls Congress to pass small package of spending cuts and in the meantime.

The big news to watch will be the ECB this Thursday, as some are expecting a rate cut...we will see. I promise to write a Daily EUR/USD  commentary before the ECB press conference.

Happy Trading

BT

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EUR/USD Chart with some key levels