Forex: EUR/USD: tight ranges circa 1.3000 expected pre-Fed
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EUR/USD
FXstreet.com (San Francisco) - The EURUSD jumped back above 1.3000 Tuesday, recovering from a recent two-week low of 1.2876 set Friday, and now stands flat just a few pips above the psychological figure in Asia, having regained all ground lost last week.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the cross holds a positive bias and technical reading support more gains ahead; "An advance seems possible as long as price stands above 1.2970 immediate short term support," she comments in a research note.
On the economic docket, investors are anticipating some sort of QE from the Fed tomorrow. Ms. Bednarik elaborates: "With QE3 in place, the FED may well skip one or two months before announcing more facilities. If Bernanke fails to deliver, the happy buying in stocks could reverse in a blink, risk aversion gain the stage and dollar surge across the board. Small chance, but still a chance."
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the cross holds a positive bias and technical reading support more gains ahead; "An advance seems possible as long as price stands above 1.2970 immediate short term support," she comments in a research note.
On the economic docket, investors are anticipating some sort of QE from the Fed tomorrow. Ms. Bednarik elaborates: "With QE3 in place, the FED may well skip one or two months before announcing more facilities. If Bernanke fails to deliver, the happy buying in stocks could reverse in a blink, risk aversion gain the stage and dollar surge across the board. Small chance, but still a chance."
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