10 Jul 2013
EUR/USD held by the 1.2900 barrier
FXstreet.com (New York) - The EUR/USD foreign exchange rate has relinquished its temporary hold on the 1.2900 level, despite peaking earlier above it (1.2947) earlier on the heels of the FOMC minutes.
The combination of low volumes coupled with the FOMC Minutes, rekindled already lingering doubts as to whether the FED would start tapering this September, placing the USD under heavy selling pressure across the board Wednesday.
EUR/USD strategic bias
The EUR/USD surged though invariably found sellers in the region, quickly giving back its gains, although the pair is holding now above 1.2880 (immediate static support level). According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows a strong upward momentum that may get confirmed with steady gains above 1.2920 over the upcoming hours.”
Technically speaking, the EUR/USD is trading 1.2890, up a steadfast +0.85% Thursday. The pair presently remains fortified by supports at 1.2870 (20-day SMA) and 1.2840 (50-day SMA), while on the ascension, resistive means will encountered at 1.2920 onto 1.2950.
The combination of low volumes coupled with the FOMC Minutes, rekindled already lingering doubts as to whether the FED would start tapering this September, placing the USD under heavy selling pressure across the board Wednesday.
EUR/USD strategic bias
The EUR/USD surged though invariably found sellers in the region, quickly giving back its gains, although the pair is holding now above 1.2880 (immediate static support level). According to Valeria Bednarik, an analyst at FXstreet.com, “The hourly chart shows a strong upward momentum that may get confirmed with steady gains above 1.2920 over the upcoming hours.”
Technically speaking, the EUR/USD is trading 1.2890, up a steadfast +0.85% Thursday. The pair presently remains fortified by supports at 1.2870 (20-day SMA) and 1.2840 (50-day SMA), while on the ascension, resistive means will encountered at 1.2920 onto 1.2950.