31 Jul 2013
EUR/USD clinging to 1.3260 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate has clung narrowly to the 1.3260 region Wednesday morning, ahead of a very busy day that promises a high degree of intrigue.
The EUR/USD is currently securing a marginal gain of +0.01% during Asian trading, now settling at 1.3264. Briefing the technicals, the EUR/USD remains fortified by support at 1.3258 (20-day SMA), ahead of 1.3242 (July 30 low), 1.3233 (July 23 high). Conversely, resistances will help contain the pair at 1.3268 (200-day SMA), onto 1.3294 (July 29 high).
EUR/USD event risk
Investors will be keen on the outcome of several data releases later today, including the German Unemployment Rate (7:55 GMT), EMU CPI (9:00 GMT), and quite possibly the most pivotal release of the day with US Q2 GDP (12:30 GMT). Following this will be the highly anticipated FOMC interest rate decision and monetary policy statement at 18:00 GMT.
EUR/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com. “The EUR/USD technical picture remains unchanged, with the pair maintaining the bullish tone, despite its latest range. Dips towards the 1.3233 quickly attracted buyers that send price back to its comfort 1.3250/60 area. Moreover, the EUR/USD is expected to keep the range for the upcoming sessions, in between 1.3230 low and the 1.3300 level.”
The EUR/USD is currently securing a marginal gain of +0.01% during Asian trading, now settling at 1.3264. Briefing the technicals, the EUR/USD remains fortified by support at 1.3258 (20-day SMA), ahead of 1.3242 (July 30 low), 1.3233 (July 23 high). Conversely, resistances will help contain the pair at 1.3268 (200-day SMA), onto 1.3294 (July 29 high).
EUR/USD event risk
Investors will be keen on the outcome of several data releases later today, including the German Unemployment Rate (7:55 GMT), EMU CPI (9:00 GMT), and quite possibly the most pivotal release of the day with US Q2 GDP (12:30 GMT). Following this will be the highly anticipated FOMC interest rate decision and monetary policy statement at 18:00 GMT.
EUR/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com. “The EUR/USD technical picture remains unchanged, with the pair maintaining the bullish tone, despite its latest range. Dips towards the 1.3233 quickly attracted buyers that send price back to its comfort 1.3250/60 area. Moreover, the EUR/USD is expected to keep the range for the upcoming sessions, in between 1.3230 low and the 1.3300 level.”