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19 Jun 2013
EUR/USD range trading around 1.3390
FXstreet.com (Edinburgh) - The EUR/USD is trading almost unchanged on Wednesday, hovering over 1.3390 as market participants are waiting for the FOMC statement this evening.
EUR/USD focused on FOMC
There are no relevant releases in the euro area today, just the second-tier Construction Output for the month of April. Regarding the FOMC gathering, Strategist Alvin Pontoh at TD Securities commented, “We expect the Chairman to use the conference as a platform for emphasizing the message that the Fed is still easing policy, albeit at a reduced level. That said, with the market appearing to be positioned for a September tapering announcement, the price action is not likely to be driven by a tapering signal, but instead by any indications on the size of tapering”.
EUR/USD levels to watch
At the moment the pair is up 0.01% at 1.3394 and a break above 1.3434 (high Feb.20) would target 1.3456 (high Feb.14) en route to 1.3481 (76.4% of 1.3711-1.2740). On the flip side, support levels align at 1.3295 (low Jun.14) followed by 1.3279 (low Jun.13) and finally 1.3266 (low Jun.12).
EUR/USD focused on FOMC
There are no relevant releases in the euro area today, just the second-tier Construction Output for the month of April. Regarding the FOMC gathering, Strategist Alvin Pontoh at TD Securities commented, “We expect the Chairman to use the conference as a platform for emphasizing the message that the Fed is still easing policy, albeit at a reduced level. That said, with the market appearing to be positioned for a September tapering announcement, the price action is not likely to be driven by a tapering signal, but instead by any indications on the size of tapering”.
EUR/USD levels to watch
At the moment the pair is up 0.01% at 1.3394 and a break above 1.3434 (high Feb.20) would target 1.3456 (high Feb.14) en route to 1.3481 (76.4% of 1.3711-1.2740). On the flip side, support levels align at 1.3295 (low Jun.14) followed by 1.3279 (low Jun.13) and finally 1.3266 (low Jun.12).