9 Oct 2013
EUR/USD breaches 1.3500 on minutes
FXstreet.com (Edinburgh) -The selling interest is growing bigger around the shared currency on Wednesday, dragging the EUR/USD below 1.3500 the figure on FOMC minutes.
EUR/USD weaker on minutes
The tone from the minutes remained almost the same, with the majority of Committee members seeing the Fed scaling back its monthly bond purchases before year-end and the programme to finish by mid 2014. The FOMC also noticed the labour market has been improving since September 2012, amidst substantial risk to the economy. Camilla Sutton, Chief Strategist at Scotiabank, argues that the technical studies area now mixed, “but turning increasingly bearish. The MACD is generating a sell signal (new today), spot is showing building downside momentum and the one-month uptrend has now been broken. For near-term traders there is EUR downside risk building”.
EUR/USD key levels
The pair is now losing 0.55% at 1.3496 and a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and then 1.3399 (high Aug.28). On the flip side, the initial resistance lies at 1.3550 (MA10d) followed by 1.3607 9high Oct.8) and then 1.3631 (high Oct.4).
EUR/USD weaker on minutes
The tone from the minutes remained almost the same, with the majority of Committee members seeing the Fed scaling back its monthly bond purchases before year-end and the programme to finish by mid 2014. The FOMC also noticed the labour market has been improving since September 2012, amidst substantial risk to the economy. Camilla Sutton, Chief Strategist at Scotiabank, argues that the technical studies area now mixed, “but turning increasingly bearish. The MACD is generating a sell signal (new today), spot is showing building downside momentum and the one-month uptrend has now been broken. For near-term traders there is EUR downside risk building”.
EUR/USD key levels
The pair is now losing 0.55% at 1.3496 and a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and then 1.3399 (high Aug.28). On the flip side, the initial resistance lies at 1.3550 (MA10d) followed by 1.3607 9high Oct.8) and then 1.3631 (high Oct.4).