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28 Jan 2015
EUR/USD looking to stabilize around 1.1340
FXStreet (Edinburgh) - The common currency is prolonging its negative mood into the European afternoon, with EUR/USD meandering around the mid-1.1300s.
EUR/USD upside limited at 1.1380
Spot keeps the trade in a narrow 40-pip range so far, as markets are warming up for the FOMC meeting due later. Absent a press conference by Chairwoman J.Yellen and the Committee’s economic projections, the statement’s wording has grown in relevance amidst mounting speculations regarding the possible timing of the start of the Fed’s hiking cycle.
According to Derek Halpenny, European Head of GMR at BTMU, “we doubt we see much change in the statement today and any tweaks to the statement are unlikely to impact the dollar greatly”.
EUR/USD levels to watch
As of writing the pair is down 0.33% at 1.1341 with the next support at 1.1306 (100-h MA) followed by 1.1224 (low Jan.27) and then 1.1098 (11-year low Jan.26). On the upside, a break above 1.1423 (high Jan.27) would open the door to 1.1444 (200-h MA) and finally 1.1453 (10-d MA).
EUR/USD upside limited at 1.1380
Spot keeps the trade in a narrow 40-pip range so far, as markets are warming up for the FOMC meeting due later. Absent a press conference by Chairwoman J.Yellen and the Committee’s economic projections, the statement’s wording has grown in relevance amidst mounting speculations regarding the possible timing of the start of the Fed’s hiking cycle.
According to Derek Halpenny, European Head of GMR at BTMU, “we doubt we see much change in the statement today and any tweaks to the statement are unlikely to impact the dollar greatly”.
EUR/USD levels to watch
As of writing the pair is down 0.33% at 1.1341 with the next support at 1.1306 (100-h MA) followed by 1.1224 (low Jan.27) and then 1.1098 (11-year low Jan.26). On the upside, a break above 1.1423 (high Jan.27) would open the door to 1.1444 (200-h MA) and finally 1.1453 (10-d MA).