29 Oct 2013
EUR/USD jumps and erases losses
FXstreet.com (Córdoba) - The EUR/USD jumped and erased intraday losses in the aftermath of the latest batch of US mixed data, although the most recent consumer confidence index had virtually no impact on the pair.
The EUR/USD came under mild pressure Tuesday and slid to a low of 1.3753 and following a consolidation phase, the pair managed to rise back to the 1.3790 zone where it is trading at time of writing, little changed since opening. The EUR/USD continues to waver in familiar ranges ahead of the FOMC monetary policy decision to be published tomorrow.
EUR/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD holds the bearish tone in short-term charts, supporting a decline toward 1.3710, however she comments that buyers will likely surge on approach to the level, limiting the downside.
As for technical levels, Bednarik locates next supports at 1.3740, 1.3710 and 1.3670 while she sees resistances at 1.3780, 1.3810 and 1.3835.
The EUR/USD came under mild pressure Tuesday and slid to a low of 1.3753 and following a consolidation phase, the pair managed to rise back to the 1.3790 zone where it is trading at time of writing, little changed since opening. The EUR/USD continues to waver in familiar ranges ahead of the FOMC monetary policy decision to be published tomorrow.
EUR/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD holds the bearish tone in short-term charts, supporting a decline toward 1.3710, however she comments that buyers will likely surge on approach to the level, limiting the downside.
As for technical levels, Bednarik locates next supports at 1.3740, 1.3710 and 1.3670 while she sees resistances at 1.3780, 1.3810 and 1.3835.