9 Apr 2014
EUR/USD back to 1.3800
FXStreet (Edinburgh) - The single currency is now surrendering earlier gains, pushing the EUR/USD back to the 1.3800 handle.
EUR/USD looks to FOMC minutes
The intraday upside seems to have run out of legs in the boundaries of 1.3830, sparking the current correction back to the 1.3810/00 area, as market participants warm up for the FOMC minutes. “Today the minutes will be scanned to see whether Mrs. Yellen’s comment reflected the consensus view of the Committee. We continue to expect the Fed to raise rates no sooner than Q4-2015. Regarding the speed at which rate normalization would occur, the Fed Chair stressed the gradual increase for the policy rate the FOMC foresees at the moment”, assessed Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to consider
As of writing the pair is up 0.07% at 1.3807 with the next resistance at 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26) and then 1.3848 (high Mar.25). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3738 (low Apr.8) and finally 1.3736 (55-d MA).
EUR/USD looks to FOMC minutes
The intraday upside seems to have run out of legs in the boundaries of 1.3830, sparking the current correction back to the 1.3810/00 area, as market participants warm up for the FOMC minutes. “Today the minutes will be scanned to see whether Mrs. Yellen’s comment reflected the consensus view of the Committee. We continue to expect the Fed to raise rates no sooner than Q4-2015. Regarding the speed at which rate normalization would occur, the Fed Chair stressed the gradual increase for the policy rate the FOMC foresees at the moment”, assessed Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to consider
As of writing the pair is up 0.07% at 1.3807 with the next resistance at 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26) and then 1.3848 (high Mar.25). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3738 (low Apr.8) and finally 1.3736 (55-d MA).