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Forex: EUR/USD keeps the tone around 1.2900

FXstreet.com (Barcelona) - The single currency is prolonging its correction lower after hitting fresh intraday highs in the proximity of 1.2940 on Wednesday, as Cyprus remains the center of all looks.
However, market participants are slowly shifting their focus on today’s FOMC gathering due in the European evening.

“The euro is unlikely to find many buyers today as the FOMC meeting holds the potential to display the different views on the Fed's QE within the FOMC. Short positions are becoming more stretched but most likely there is room for trading accounts to add if no solution is found in Cyprus or if the FOMC signals a higher probability of an early QE exit”, explained Lars Christenses, Chief Analyst at Danske Bank.

At the moment, the pair is up 0.32% at 1.2910
Next resistance levels line up at 1.2970 (high Mar.19) followed by 1.3009 (MA10d) and then 1.3074 (MA21d).
On the flip side, a breakdown of 1.2844 (low Mar.19) would expose 1.2827 (low Nov.22) and finally 1.2730 (low Nov.19).

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