9 Apr 2014
EUR/USD back from highs
FXStreet (Edinburgh) - The shared currency is now retreating from session highs near 1.3810, dragging the EUR/USD back to the 1.3790/85 region.
EUR/USD consolidative ahead of FOMC minutes
The minutes from the last FOMC meeting are due today during the European evening, and will be the main event amidst anaemic dockets in both Euroland and US. Spot would likely keep the consolidation scenario until today’s minutes, although it would be under pressure via USD volatility. “From the market’s perspective, the key concern going into the Minutes will be whether the hawkish tone set by Yellen in her post-FOMC press conference reflects an emerging bias among members toward an earlier than previously thought start to policy tightening. We expect this report to feel hawkish, reflecting a Fed that has become more confident in its optimistic growth forecast, which is likely to have driven their more hawkish bias”, assessed Jacqui Douglas, Senior Global Strategist at TD Securities.
EUR/USD levels to consider
As of writing the pair is losing 0.01% at 1.3794 and a break below 1.3738 (low Apr.8) would aim for 1.3731 (55-d MA) and then 1.3699 (21-w MA). On the flip side, the initial hurdle aligns at 1.3812 (high Apr.8) ahead of 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26).
EUR/USD consolidative ahead of FOMC minutes
The minutes from the last FOMC meeting are due today during the European evening, and will be the main event amidst anaemic dockets in both Euroland and US. Spot would likely keep the consolidation scenario until today’s minutes, although it would be under pressure via USD volatility. “From the market’s perspective, the key concern going into the Minutes will be whether the hawkish tone set by Yellen in her post-FOMC press conference reflects an emerging bias among members toward an earlier than previously thought start to policy tightening. We expect this report to feel hawkish, reflecting a Fed that has become more confident in its optimistic growth forecast, which is likely to have driven their more hawkish bias”, assessed Jacqui Douglas, Senior Global Strategist at TD Securities.
EUR/USD levels to consider
As of writing the pair is losing 0.01% at 1.3794 and a break below 1.3738 (low Apr.8) would aim for 1.3731 (55-d MA) and then 1.3699 (21-w MA). On the flip side, the initial hurdle aligns at 1.3812 (high Apr.8) ahead of 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26).