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EUR/USD finds support around 1.2840

FXstreet.com (Barcelona) - The shared currency found buying interest in session lows around 1.2840 on Tuesday, lifting the cross to the current area of 1.2860/65 amidst renewed USD strength.

The FOMC minutes will be one of the most relevant events this week. Greg Anderson, Strategist at BMO commented, “ Initial chatter that tapering might come sooner did not have direct FOMC sources, but with the barrage of Fed speak last week and this week the idea of taper starting in June, August or September is quickly becoming the new consensus”.

At the moment, the cross is losing 0.20% at 1.2855 facing the next support at 1.2809 (low May 20) ahead of 1.2796 (low May 17) and then 1.2740 (2013 low Apr.4).
On the upside, a breakout of 1.2930 (high May 16) would aim for 1.2943 (high May 15) and finally 1.2947 (MA10d).

Session Recap: USD resumes gains, GBP weighed by data

The US dollar resumed the upside on Tuesday and advanced versus most competitors as investors await Bernanke testimony and the FOMC minutes on Wednesday. Dollar gains were more evident versus the pound, which weakened on the back of soft UK inflation data and fell to a fresh 7-week low of 1.5138.
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