10 Jul 2013
EUR/USD soars to 1.2950 on dovish minutes
FXstreet.com (Barcelona) - The single currency jumped to fresh weekly highs in the boundaries of 1.2950 after the FOMC minutes casted a mantle of doubt about the Fed tapering QE in September.
EUR/USD intensifies the upside
The EUR bull run is now accelerating on Wednesday after the more dovish tone from the minutes surprised investors. Recall that market participants were expecting the Fed to start scaling back its stimulus programme in the September meeting and now that possibility seems to be dampened. After hitting fresh highs, the euro is now retracing those gains, back below 1.2900 the figure.
EUR/USD key levels
The pair is now advancing 0.83% at 1.2888 with the next resistance at 1.2912 (23.6% of 1.3417-1.2755) en route to 1.2916 (high Jul.5). On the flip side, support levels align at 1.2765 (weekly cloud base) ahead of 1.2755 (low Jul.9) and finally 1.2740 (2013 low Apr.4).
EUR/USD intensifies the upside
The EUR bull run is now accelerating on Wednesday after the more dovish tone from the minutes surprised investors. Recall that market participants were expecting the Fed to start scaling back its stimulus programme in the September meeting and now that possibility seems to be dampened. After hitting fresh highs, the euro is now retracing those gains, back below 1.2900 the figure.
EUR/USD key levels
The pair is now advancing 0.83% at 1.2888 with the next resistance at 1.2912 (23.6% of 1.3417-1.2755) en route to 1.2916 (high Jul.5). On the flip side, support levels align at 1.2765 (weekly cloud base) ahead of 1.2755 (low Jul.9) and finally 1.2740 (2013 low Apr.4).