EUR/USD keeps pushing higher

By FXstreet.com | June 18, 2014 AAA

FXStreet (Córdoba) - The EUR/USD has kept moving slowly but steadily higher throughout the European session, extending to fresh daily highs after a positive opening in Wall Street as investors await the Federal Reserve policy decision.



Even though no surprises are expected, investors will be watching a new set of forecasts for unemployment, inflation, economic growth and the benchmark federal funds rate looking for any sign of when the central bank plans to start a hiking cycle.



The EUR/USD has reached a peak of 1.3578 at the New York opening, having already erased yesterday’s losses. At time of writing the pair is trading at 1.3570, up 0.18% on the day.



EUR/USD technical outlook



Valeria Bednarik, chief analyst at FXStreet noted that rangebound trade might prevail over the next few hours ahead of the FOMC statement, with a break above 1.3580 favoring a run towards 1.3640/5, and a break lower pointing for a test of 1.3476, 2014 low.



Bednarik locates next resistances levels at 1.3580, 1.3645 and 1.3675, while she places supports at 1.3510, 1.3475 and 1.3440.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center