30 Oct 2013
EUR/USD flat around 1.3740
FXstreet.com (Edinburgh) -The shared currency is mired in a consolidative pattern on Wednesday, with the EUR/USD gyrating around 1.3740/45 ahead of the FOMC meeting.
EUR/USD all eyes on FOMC
The 2-day FOMC meeting will end today during the European evening, although market expectations for any major announcements are close to zero. Philip Marey, Senior US Strategist at Rabobank, expects the Fed to start tapering its QE program at the end of Q1 2014: “The March 18-19 meeting includes an update of the economic projections of the FOMC participants and a press conference that will give the new Fed head a stage to explain the decision to start tapering… All in all, we think that the FOMC will wait until at least the March meeting before it starts tapering”.
EUR/USD key levels
The pair is now losing 0.01% at 1.3745 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 all eyes on FOMC
The 2-day FOMC meeting will end today during the European evening, although market expectations for any major announcements are close to zero. Philip Marey, Senior US Strategist at Rabobank, expects the Fed to start tapering its QE program at the end of Q1 2014: “The March 18-19 meeting includes an update of the economic projections of the FOMC participants and a press conference that will give the new Fed head a stage to explain the decision to start tapering… All in all, we think that the FOMC will wait until at least the March meeting before it starts tapering”.
EUR/USD key levels
The pair is now losing 0.01% at 1.3745 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).