FXStreet (Edinburgh) - The shared currency is now posting marginal losses, dragging the EUR/USD back to the 1.3635/30 area.
EUR/USD boosted by FOMC
The biggest event of the week, the release of the FOMC minutes, failed to ignite fresh demand for the greenback on Wednesday, thus lifting spot to test new weekly highs just below the 1.3650 level. There are no significant releases in Euroland today, although investors’ focus will surely be on the weekly report on the US labour market. “Despite the strong rebound from overnight low of 1.3601, further sustained up-move appears unlikely. Expect an initial pullback but as long as 1.3600 is intact, another leg higher towards 1.3660 is likely before a pullback can be expected”, signalled Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
As of writing the pair is losing 0.05% at 1.3633 with the immediate support at 1.3612 (21-d MA) ahead of 1.3603 (low Jul.9) and finally 1.3588 (low Jul.8). On the flip side, a breakout of 1.3651 (high Jul.10) would open the door to 1.3664 (high Jul.3) and then 1.3668 (daily cloud base).