Forex: EUR/USD hovers around 1.2950 after daily pin
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EUR/USD
FXstreet.com (San Francisco) - EURUSD's bounce from the 1.2150 base set this summer encountered key 38.2% Fibonacci resistance at 1.3140 in September, and price has since been consolidating above the 1.2800 figure.
More recently, EURUSD consolidated between 1.2890 and 1.2980 overnight, printing a daily pin at the NY close; mentioned price action suggests bulls may be primed for a push price higher. The 21-day EMA supports price as does the recent upward trend momentum. 1.3070 (Oct 5 peak) may offer resistance on rallies, while 1.2865 (200-day EMA) offers support on dips.
Focus this Tuesday in Asia will fall on the RBA's October policy meeting minutes. Traders will be looking for any hit of further easing before the end of the year.
"Current session may see some upward pressure if local share markets follow their overseas partners, yet next European session, fulfilled with macro data, may bring shed more light over the pair's nearest future," Valeria Bednarik, Chief Analyst at FXstreet.com says in a research note. EURUSD now exchanges 1.2950.
More recently, EURUSD consolidated between 1.2890 and 1.2980 overnight, printing a daily pin at the NY close; mentioned price action suggests bulls may be primed for a push price higher. The 21-day EMA supports price as does the recent upward trend momentum. 1.3070 (Oct 5 peak) may offer resistance on rallies, while 1.2865 (200-day EMA) offers support on dips.
Focus this Tuesday in Asia will fall on the RBA's October policy meeting minutes. Traders will be looking for any hit of further easing before the end of the year.
"Current session may see some upward pressure if local share markets follow their overseas partners, yet next European session, fulfilled with macro data, may bring shed more light over the pair's nearest future," Valeria Bednarik, Chief Analyst at FXstreet.com says in a research note. EURUSD now exchanges 1.2950.
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