21 Aug 2013
EUR/USD opening up fresh losses ahead of FOMC as USD momentum builds
FXstreet.com (New York) - The EUR/USD foreign exchange rate has been notching fresh losses during US trading, ahead of the key FOMC minutes later today.
EUR/USD event risk
Later today in the United States, investors will be briefed with a tranche of housing data and Home Sales changes at 14:00 GMT. However, the marquee event of the day is the beginning of the FOMC minutes at 18:00 GMT.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD continues to advance and has so far risen above the 1.3419 June peak to 1.3453 on Tuesday. A rise above this level would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high. This is regarded as the last defense for the 1.3711 February high. We do not favor such a strong rise, though, and believe that the currency pair will falter around the 1.3500 mark. Only a, for now, unexpected drop through the 1.3208/1.3188 support area will alleviate upside pressure. Failure here will target the 1.3000 region. Loss of this zone is needed to re-target the 1.2755/40 July and April lows.
In these moments, the EUR/USD has now fallen to 1.3374, incurring a loss of -0.31% off its opening. Briefing the technicals, the EUR/USD will encounter support at 1.3345, ahead of 1.3270, and 1.3216, notes the Mataf.net analyst team.
EUR/USD event risk
Later today in the United States, investors will be briefed with a tranche of housing data and Home Sales changes at 14:00 GMT. However, the marquee event of the day is the beginning of the FOMC minutes at 18:00 GMT.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD continues to advance and has so far risen above the 1.3419 June peak to 1.3453 on Tuesday. A rise above this level would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high. This is regarded as the last defense for the 1.3711 February high. We do not favor such a strong rise, though, and believe that the currency pair will falter around the 1.3500 mark. Only a, for now, unexpected drop through the 1.3208/1.3188 support area will alleviate upside pressure. Failure here will target the 1.3000 region. Loss of this zone is needed to re-target the 1.2755/40 July and April lows.
In these moments, the EUR/USD has now fallen to 1.3374, incurring a loss of -0.31% off its opening. Briefing the technicals, the EUR/USD will encounter support at 1.3345, ahead of 1.3270, and 1.3216, notes the Mataf.net analyst team.