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Forex pairs in this Article » EUR/USD (Edinburgh) -The EUR/USD is trading on firmer ground on Friday, retaking the upper band of the range around 1.3490/1.3500, as market participants remain focused on the second speech by ECB’s Mario Draghi due later.

In the opinion of the research team at BTMU, “There are a whole host of uncertainties facing the financial markets over the week ahead with the congressional battle over the government spending bill that must be agreed by 1st October in order to avoid a government shutdown taking centre-stage in the early part of the week. That going right to the wire may undermine confidence in the dollar and push the EUR/USD rate up toward the high of the year of 1.3711, set in February”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “continues to sit just above the 1.3453 August high it is consolidating above here and we remain unable to rule out further gains at this stage, although feel that this is increasingly less likely… Initial support remains the 1.3453 August high. Only a close below here would alleviate immediate upside pressure and signal a slide back to the 1.3302/1.3171 55 and 200 day ma”.
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