8 Jul 2013
EUR/USD retraces from 1.2860
FXstreet.com (Edinburgh) - The bull intent of the EUR/USD run out of steam in the area of 1.2860, retracing those initial gains to the current levels around 1.2840.
EUR/USD momentum faded
Market participants are now shifting their attention to President Draghi’s speech later in the European afternoon, although the broader focus remains on the FOMC minutes and Bernanke’s speech on Wednesday. “Overall, we expect the Fed tone to continue reinforcing a September tapering message, which should generally keep the USD supported despite some near term retracement potential”, commented G.Moore and S.Osborne, Strategists at TD Securities.
EUR/USD key levels
At the moment the pair is up 0.25% at 1.2844 with the next resistance at 1.2916 (high Jul.5) ahead of 1.2980 (MA10d) and finally 1.3000 (psychological level). On the flip side, a breakdown of 1.2806 (low Jul.5) would open the door to 1.2796 (low May.17) and then 1.2765 (weekly cloud base).
EUR/USD momentum faded
Market participants are now shifting their attention to President Draghi’s speech later in the European afternoon, although the broader focus remains on the FOMC minutes and Bernanke’s speech on Wednesday. “Overall, we expect the Fed tone to continue reinforcing a September tapering message, which should generally keep the USD supported despite some near term retracement potential”, commented G.Moore and S.Osborne, Strategists at TD Securities.
EUR/USD key levels
At the moment the pair is up 0.25% at 1.2844 with the next resistance at 1.2916 (high Jul.5) ahead of 1.2980 (MA10d) and finally 1.3000 (psychological level). On the flip side, a breakdown of 1.2806 (low Jul.5) would open the door to 1.2796 (low May.17) and then 1.2765 (weekly cloud base).