20 Aug 2015
EUR/USD: Asian Bulls take up the FOMC minutes baton
FXStreet (Guatemala) - EUR/USD is currently trading at 1.1141 with a high of 1.1149 and a low of 1.1114.
EUR/USD has popped higher on the back of broad dollar weakness in Tokyo, following on from the overnight supply in the greenback post the release of the dovish set of FOMC minutes.
The conditions for a rate hike have not yet been met although most members in July agreed that the time for a hike is drawing closer, but those that were looking for any clear indication from the minutes that a hike would come as soon as September were disappointed.
Meanwhile, the German parliament approved the Greek bailout. In total 453 members of parliament voted in favour, while 113 rejected the bailout and 18 abstained. A first tranche of about €25bn is now being made available to meet Greece's debts and help recapitalize its banks. Greece is due to make a new debt payment to the European Central Bank on Thursday in Europe.
EUR/USD up, up and away
Technically, now that the major has crossed the 1.1130 resistance line, the upside is exposed with support coming at the 20 SMA. 1.1186 and then 1.1210/16 come as next targets of resistance. Beyond there, the Elliott wave count is still suggesting scope for a move towards the 1.1348 200 day ma, as explained by Karen Jones, chief analyst at Commerzbank. "If seen, the 1.1348/1.1468 resistance area is expected to provoke failure and provoke resume its longer term down trend."
EUR/USD has popped higher on the back of broad dollar weakness in Tokyo, following on from the overnight supply in the greenback post the release of the dovish set of FOMC minutes.
The conditions for a rate hike have not yet been met although most members in July agreed that the time for a hike is drawing closer, but those that were looking for any clear indication from the minutes that a hike would come as soon as September were disappointed.
Meanwhile, the German parliament approved the Greek bailout. In total 453 members of parliament voted in favour, while 113 rejected the bailout and 18 abstained. A first tranche of about €25bn is now being made available to meet Greece's debts and help recapitalize its banks. Greece is due to make a new debt payment to the European Central Bank on Thursday in Europe.
EUR/USD up, up and away
Technically, now that the major has crossed the 1.1130 resistance line, the upside is exposed with support coming at the 20 SMA. 1.1186 and then 1.1210/16 come as next targets of resistance. Beyond there, the Elliott wave count is still suggesting scope for a move towards the 1.1348 200 day ma, as explained by Karen Jones, chief analyst at Commerzbank. "If seen, the 1.1348/1.1468 resistance area is expected to provoke failure and provoke resume its longer term down trend."