EUR/USD eases to 1.3630

By FXstreet.com | Updated July 30, 2014 AAA

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).

You May Also Like

Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar
    Forex News

    Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar

  3. Strategy Video: A Volatile Thanksgiving Week for FX?
    Forex News

    Strategy Video: A Volatile Thanksgiving Week for FX?

  4. US Session: The market left shell-shocked on Draghi
    Forex News

    US Session: The market left shell-shocked on Draghi

  5. EUR/USD back into the bears den, downside wide open
    Forex News

    EUR/USD back into the bears den, downside wide open

Trading Center