Forex: EUR/USD below 1.3100, eyes on FOMC minutes
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EUR/USD
FXstreet.com (Barcelona) - The single currency has penetrated the key level at 1.3100 on Thursday, as risk appetite continues to shrink ahead of the release of the FOMC minutes.
According to C.Tuxen, Senior Analyst at Danske Bank, "Today focus could however return to the aggressive moves put forth by the Fed in terms of expanding its balance sheet further and introducing an explicit exit strategy when the minutes from the December meeting are published today. However, with the latest positioning data suggesting that with EUR positioning now almost neutral& the next move higher in EURUSD on relative monetary policy will be somewhat more difficult to bring about than the late 2012 rally".
The cross is now losing 0.64% at 1.3101 facing the next support at 1.3066 (low Dec.14) then 1.3040 (low Dec.13) and 1.2996 (low Dec.12).
On the flip side, a climb beyond 1.3194 (MA10d) would aim towards 1.3300 (high Jan.2) en route to 1.3308 (high Dec.19).
According to C.Tuxen, Senior Analyst at Danske Bank, "Today focus could however return to the aggressive moves put forth by the Fed in terms of expanding its balance sheet further and introducing an explicit exit strategy when the minutes from the December meeting are published today. However, with the latest positioning data suggesting that with EUR positioning now almost neutral& the next move higher in EURUSD on relative monetary policy will be somewhat more difficult to bring about than the late 2012 rally".
The cross is now losing 0.64% at 1.3101 facing the next support at 1.3066 (low Dec.14) then 1.3040 (low Dec.13) and 1.2996 (low Dec.12).
On the flip side, a climb beyond 1.3194 (MA10d) would aim towards 1.3300 (high Jan.2) en route to 1.3308 (high Dec.19).
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