29 Oct 2013
EUR/USD consolidative at 1.3750
FXstreet.com (Edinburgh) -The shared currency is attempting a consolidation pattern in the area of intraday lows, with the EUR/USD hovering over the 1.3740/50 region so far.
EUR/USD focus on FOMC
The pair would remain under pressure ahead of tomorrow’s FOMC gathering. Market consensus, however, expects a neutral to dovish tone from the statement, which could ultimately give some oxygen to the EUR. In the opinion of Chief Strategist Camilla Sutton at Scotiabank, “Most of the focus remains on the risks surrounding tomorrow’s FOMC meeting and what tolerance the ECB will have at its November 7th policy meeting over the strength of the EUR and its impact on inflation”. The expert also added that technical studies remains bullish in the short term, “all signals still suggest EUR upside risk, which makes it too soon to position for downside”.
EUR/USD key levels
The pair is now losing 0.24% at 1.3752 with the next support at 1.3741 (low Oct.23) followed by 1.3707 (MA10d). On the upside, a breakout of 1.3833 (2013 high Oct.25) would target 1.3859 (high Nov.11 2011) en route to 1.3871 (high Nov.1 2011).
EUR/USD focus on FOMC
The pair would remain under pressure ahead of tomorrow’s FOMC gathering. Market consensus, however, expects a neutral to dovish tone from the statement, which could ultimately give some oxygen to the EUR. In the opinion of Chief Strategist Camilla Sutton at Scotiabank, “Most of the focus remains on the risks surrounding tomorrow’s FOMC meeting and what tolerance the ECB will have at its November 7th policy meeting over the strength of the EUR and its impact on inflation”. The expert also added that technical studies remains bullish in the short term, “all signals still suggest EUR upside risk, which makes it too soon to position for downside”.
EUR/USD key levels
The pair is now losing 0.24% at 1.3752 with the next support at 1.3741 (low Oct.23) followed by 1.3707 (MA10d). On the upside, a breakout of 1.3833 (2013 high Oct.25) would target 1.3859 (high Nov.11 2011) en route to 1.3871 (high Nov.1 2011).