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USD still under pressure ahead of FOMC minutes release - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the USD is trading lower in range as market attention concentrates on the FOMC minutes to be released at 18 GMT.

Key quotes

"Furthermore, stocks are leading again the way, with dollar following indexes move higher and lower for most of the European session."

"Market will be looking in Minutes for any tip on upcoming rate moves, but worth mentioning the meeting has been before latest employment data, which may leave it outdated."

"As for the EUR/USD, the short term picture presents a mild bullish tone, with price struggling to hold above its 20 SMA but momentum aiming to break below 100."

"In the 4 hours chart indicators maintain a clear positive tone near as 20 SMA stands flat around 1.2630 acting as immediate intraday support."

"A break above 1.2700 is required to confirm further gains, eyeing then a test of 1.2780 price zone, 23.6% retracement of the latest bearish run."

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