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Forex pairs in this Article » EUR/USD (London) - Markets are in consolidation mode and FOMC speeches are taking the stage, while EZ data continues to disappoint.

Research teams at TD Securities commented.

Key Quotes:

“Between a disappointing German IFO figure and three members of the ECB all reiterating the dovish message we heard from Draghi recently (reminding us another LTRO is still an option), fundamental developments have all pointed lower for the EUR overnight”.

EUR/USD is only marginally down however, with the consolidative theme among most FX majors holding the pair in place”.

“On balance central bank comments could see the pair make new lows intraday, but there are a number of short term supports just below spot in the mid-1.34 area (1.3460 is trend support and 1.3425/40 marks the August highs and a noted gap)”.

“For now we may be confined to a range until we get further clarity on the ECB and the Fed outlook”.
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