21 Jul 2015
EUR/USD rebounds from 1.0810
FXStreet (Edinburgh) - The European currency remains mired in the 1.0830 area vs. the greenback, with EUR/USD coming up from session lows near 1.0810 in early trade.
EUR/USD attention turns to FOMC
Absent releases in Euroland and the US economy today, risk appetite trends will continue to drive the pair’s price action, at least until Friday, when July’s flash PMI prints are due in the euro bloc. However, the US housing and services sectors plus the usual report on the labour market via Initial Claims could bring in some volatility on the USD-side of the equation in the upcoming sessions.
In the meantime, market participants remain focused on the FOMC meeting due next week, mainly after recent testimonies by Chair Yellen and auspicious releases in the US docket. In addition, St. Louis Fed President J.Bullard (hawk, non-voter this year) has recently advocated a 50% possibility of a rate hike in September, giving some extra support to the dollar.
EUR/USD levels to watch
At the moment the pair is up 0.03% at 1.0828 with the next resistance at 1.0866 (high Jul.20) followed by 1.1036 (high Jul.15) and then 1.1086 (high Jul.14). On the flip side, a breach of 1.0812 (low Jul.21) would open the door to 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24).
EUR/USD attention turns to FOMC
Absent releases in Euroland and the US economy today, risk appetite trends will continue to drive the pair’s price action, at least until Friday, when July’s flash PMI prints are due in the euro bloc. However, the US housing and services sectors plus the usual report on the labour market via Initial Claims could bring in some volatility on the USD-side of the equation in the upcoming sessions.
In the meantime, market participants remain focused on the FOMC meeting due next week, mainly after recent testimonies by Chair Yellen and auspicious releases in the US docket. In addition, St. Louis Fed President J.Bullard (hawk, non-voter this year) has recently advocated a 50% possibility of a rate hike in September, giving some extra support to the dollar.
EUR/USD levels to watch
At the moment the pair is up 0.03% at 1.0828 with the next resistance at 1.0866 (high Jul.20) followed by 1.1036 (high Jul.15) and then 1.1086 (high Jul.14). On the flip side, a breach of 1.0812 (low Jul.21) would open the door to 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24).