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EUR/USD treading water above 1.2700

FXStreet (Edinburgh) - EUR/USD is now attempting a consolidation pattern around 1.2710, as markets enter the last hour of trading in the US session.

EUR/USD eyes on US docket on Tuesday

The pair’s price action will be dominated by the US docket in the first half of the week at least, with Durable Goods Orders and Consumer Confidence due tomorrow and the FOMC meeting on Wednesday. “We expect the FOMC to announce the end of QE3 at this week’s meeting. An extension of the asset purchase program as suggested by some Fed speakers does not seem necessary, as markets have calmed down… The market consensus on the first rate hike has moved in our direction and we maintain our 2015Q4 forecast”.

EUR/USD relevant levels

The pair is now up 0.29% at 1.2708 with the next resistance at 1.2723 (10-d MA) followed by 1.2730 (200-h MA) and finally 1.2740 (high Oct.22). On the downside, a break below 1.2635 (low Oct.24) would expose 1.2614 (low Oct.23) and then 1.2605 (low Oct.10).

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