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EUR/USD retreats from 1.2970

FXStreet (Edinburgh) - EUR/USD is now returning to the 1.2950/45 band after hitting fresh 2-day highs in the boundaries of 1.2970.

EUR/USD consolidating above 1.2900

Cautious trade amongst investors continues to dominate the scenario ahead of the FOMC event on Wednesday, relegating spot to meander in a narrow range above the 1.2900 mark so far. It seems the EUR has already left behind the disappointment from the ZEW figures, focusing instead on the US docket due tomorrow and the final figures from the EMU’s CPI in August. “Instead of moving higher, EUR traded sideways instead. The outlook for today is mixed and this pair is likely caught in a prolonged consolidation phase between 1.2905 and 1.2965 for now”, noted Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD levels to consider

The pair is now up 0.04% at 1.2946 with the next resistance at 1.2980 (high Sep.15) ahead of 1.2990 (high Sep.5) and finally 1.3000 (psychological level). On the downside, a breach of 1.2908 (low Sep.15) would target 1.2897 (low Sep.11) en route to 1.2883 (low Sep.10).

EUR/USD remains heavy ahead of FOMC – OCBC Bank

According to Emmanuel Ng, FX Strategist at OCBC Bank, the pair will keep the heavy tone as we get closer to key events, such as the FOMC meeting and the TLTRO take up....
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