24 Jan 2014
EUR/USD sidelined below 1.3700
FXstreet.com (Edinburgh) - After briefly hitting a new weekly high above 1.3700 the figure overnight, the EUR/USD is now easing some ground and is attempting a consolidation pattern around 1.3685/80.
EUR/USD poised for congestion?
A second-tier euro docket today, with only data releases in Spain and Italy, plus the absence of data in the US calendar would leave the pair to the mercy of the risk trends, most likely a continuation of the current pattern. In light of next week’s FOMC gathering, Annette Beacher, Head of Asia-Pacific Research, commented, “we expect the Fed to decrease asset purchases by another $10B. The big question for the market, however, will be whether the Fed solidifies forward guidance at the meeting or waits until March (we expect the latter)”.
EUR/USD levels to watch
As of writing the pair is losing 0.11% at 1.3682 with the immediate support at 1.3530 (low Jan.23) followed by 1.3517 (low Jan.21) and finally 1.3508 (2014 low Jan.20). On the upside, the initial resistance aligns at 1.3705 (high Jan.24).
EUR/USD poised for congestion?
A second-tier euro docket today, with only data releases in Spain and Italy, plus the absence of data in the US calendar would leave the pair to the mercy of the risk trends, most likely a continuation of the current pattern. In light of next week’s FOMC gathering, Annette Beacher, Head of Asia-Pacific Research, commented, “we expect the Fed to decrease asset purchases by another $10B. The big question for the market, however, will be whether the Fed solidifies forward guidance at the meeting or waits until March (we expect the latter)”.
EUR/USD levels to watch
As of writing the pair is losing 0.11% at 1.3682 with the immediate support at 1.3530 (low Jan.23) followed by 1.3517 (low Jan.21) and finally 1.3508 (2014 low Jan.20). On the upside, the initial resistance aligns at 1.3705 (high Jan.24).