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Forex pairs in this Article » EUR/USD (Edinburgh) -The shared currency is closing the day in an upbeat tone, with the EUR/USD consolidating its intraday advance above 1.3400 the figure.

EUR/USD focus on FOMC minutes

Fireworks and bouts of volatility are expected tomorrow, as the FOMC will release its minutes in the European evening. Consensus amongst traders expect the minutes to be tilted slightly towards the dovish side, supporting the ongoing EUR rally. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the pair’s technical studies remain mixed in the short term, adding, “the MACD is flat, EUR is testing to break above the June 1.3417 high while the 9-day is trading bullishly above the 21-day. This type of mixed environment suggests a lack of conviction and is a warning to EUR longs. Resistance lies at the June high of 1.3417; while support lies at the 21-day MA at 1.3292”.

EUR/USD key levels

At the moment the pair is advancing 0.64% at 1.3419 and a break above 1.3452 (high Aug.20) would clear the way to 1.3456 (high Feb.14) and finally 1.3481 (76.4% OF 1.3711-1.2740). On the downside, support levels line up at 1.3323 (low Aug.20) followed by 1.3314 (low Aug.19) and then 1.3312 (low Aug.6).
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