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17 Jul 2013
EUR/USD eases below 1.3140
FXstreet.com (Barcelona) -The EUR/USD is trading in an unusual narrow range so far, meandering between 1.3130 and 1.3150 ahead of Bernanke’s testimony due in the European afternoon.
EUR/USD vs. Bernanke, again
According to market consensus, the recent upside in the pair would find extra support today, as Bernanke’s speech would be tilted to the dovish camp once again, in line with last week’s speech. Alvin Pontoh, Macro Strategist at TD Securities, commented, “This will provide the Fed another opportunity to offer more guidance on the near-term policy stance, and Bernanke is likely to stick to the relatively dovish tone of his earlier remarks, reinforcing the “lower for longer” bias, even as the Fed begins pivoting toward reducing the level of asset purchases”.
EUR/USD key levels
The pair is now losing 0.22% at 1.3132 with the next hurdle at 1.3208 (high Jul.11) followed by 1.3255 (high Jun.21) and finally 1.3261 (76.4% of 1.3417-1/2755). On the downside, a break below 1.3051 (low Jul.16) would expose 1.2992 (low Jul.15) and then 1.2982 (50% of 1.2755-1.3208).
EUR/USD vs. Bernanke, again
According to market consensus, the recent upside in the pair would find extra support today, as Bernanke’s speech would be tilted to the dovish camp once again, in line with last week’s speech. Alvin Pontoh, Macro Strategist at TD Securities, commented, “This will provide the Fed another opportunity to offer more guidance on the near-term policy stance, and Bernanke is likely to stick to the relatively dovish tone of his earlier remarks, reinforcing the “lower for longer” bias, even as the Fed begins pivoting toward reducing the level of asset purchases”.
EUR/USD key levels
The pair is now losing 0.22% at 1.3132 with the next hurdle at 1.3208 (high Jul.11) followed by 1.3255 (high Jun.21) and finally 1.3261 (76.4% of 1.3417-1/2755). On the downside, a break below 1.3051 (low Jul.16) would expose 1.2992 (low Jul.15) and then 1.2982 (50% of 1.2755-1.3208).