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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD pair has rallied to overtake the 1.2800 level during US trading, establishing a foothold ahead of the FOMC minutes later today at 18:00 GMT.

EUR/USD 1.2740 level critical to pair

According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has eroded the 1.2793 gentle sloping support line drawn from the November 2012 low to the 2013 lows. We have a 13 count on the 240-minute chart and some divergence of the RSI on the same chart and may see consolidation over the next few days. However, the focus is now on the downside and in particular the 1.2740 April low. Below 1.2740 we target 1.2661 (November low) en route to the 1.2050 (200- month MA).

EUR/USD unable to touch resistance

The EUR/USD foreign exchange rate is currently entrenched in positive territory at 1.2825, up +0.32% in these moments. Earlier today during European trading, the pair overtook the 1.2800 level, now facing calculated support at its 1.2799 (50-day SMA). On the ascension, the EUR/USD will face a challenge at 1.2831 (200-day SMA).
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