OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD flat lining around 1.2750

FXStreet (Edinburgh) - EUR/USD keeps consolidating in the nid-1.2700s after posting intraday peaks in the boundaries of 1.2770.

EUR/USD focus on the Fed

The pair is clinging to the upper end of the intraday range on Tuesday around 1.2740/50, attempting the usual consolidative pattern pre-FOMC meeting. The demand for the European currency got extra oxygen after US Durable Goods Orders disappointed investors during September, despite the improved reading from the Consumer Confidence. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “technical studies lack conviction with several of them pointing in opposite directions. We see this as further evidence that EUR is in the midst of a period of range trading; with near-term support at Thursday’s low of 1.2614 and resistance at the October 21 low of 1.2715, a close above which would open up a test to 1.2820”.

EUR/USD levels to consider

At the moment the pair is advancing 0.35% at 1.2743 with the next hurdle at 1.2784 (hourly high Oct.21) ahead of 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the flip side, a break below 1.2665 (low Oct.27) would open the door to 1.2656 (61.8% of 1.2614-1.2723) and finally 1.2635 (low Oct.24).

AUD/USD downside risks deteriorating

AUD/USD is trading at 0.8859, up 0.64% on the day, having posted a daily high at 0.8884 and low at 0.8795.
Read more Previous

EUR expected to trend lower - Scotiabank

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that EUR has climbed higher today; but continues to lack conviction and commented on the European data.
Read more Next
Start livechat