28 Jan 2015
EUR/USD extends the bounce to 1.1360
FXStreet (Edinburgh) - After a brief test of the 1.1300 key support, EUR/USD has managed to pick up pace and is now hovering over 1.1355/60.
EUR/USD remains in red, FOMC looms
Spot practically traded the whole session in the red territory amidst a resurgence of the US dollar, while market participants are eagerly waiting for the FOMC statement. Recall that the wording will be key today, as there won’t be a press conference by Yellen and economic projections by the Committee. An unexpected dovish from the statement could send spot higher, given the extreme net short positioning in the euro and the overbought levels of the dollar; on the contrary, an ‘in-line’ statement should give further wings to the USD.
EUR/USD levels to watch
As of writing the pair is down 0.29% at 1.1346 with the next support at 1.1300 (psychological level) followed by 1.1224 (low Jan.27) and then 1.1098 (11-year low Jan.26). On the upside, a break above 1.1384 (high Jan.28) would aim for 1.1423
EUR/USD remains in red, FOMC looms
Spot practically traded the whole session in the red territory amidst a resurgence of the US dollar, while market participants are eagerly waiting for the FOMC statement. Recall that the wording will be key today, as there won’t be a press conference by Yellen and economic projections by the Committee. An unexpected dovish from the statement could send spot higher, given the extreme net short positioning in the euro and the overbought levels of the dollar; on the contrary, an ‘in-line’ statement should give further wings to the USD.
EUR/USD levels to watch
As of writing the pair is down 0.29% at 1.1346 with the next support at 1.1300 (psychological level) followed by 1.1224 (low Jan.27) and then 1.1098 (11-year low Jan.26). On the upside, a break above 1.1384 (high Jan.28) would aim for 1.1423