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19 Jun 2013

EUR/USD range trading around 1.3390

FXstreet.com (Edinburgh) - The EUR/USD is trading almost unchanged on Wednesday, hovering over 1.3390 as market participants are waiting for the FOMC statement this evening.

EUR/USD focused on FOMC

There are no relevant releases in the euro area today, just the second-tier Construction Output for the month of April. Regarding the FOMC gathering, Strategist Alvin Pontoh at TD Securities commented, “We expect the Chairman to use the conference as a platform for emphasizing the message that the Fed is still easing policy, albeit at a reduced level. That said, with the market appearing to be positioned for a September tapering announcement, the price action is not likely to be driven by a tapering signal, but instead by any indications on the size of tapering”.

EUR/USD levels to watch

At the moment the pair is up 0.01% at 1.3394 and a break above 1.3434 (high Feb.20) would target 1.3456 (high Feb.14) en route to 1.3481 (76.4% of 1.3711-1.2740). On the flip side, support levels align at 1.3295 (low Jun.14) followed by 1.3279 (low Jun.13) and finally 1.3266 (low Jun.12).
Jun 19, 2013

Flash: Watch risk profiles for USD reaction post FOMC - UBS

How will the market react after today's Fed meeting? According to UBS Strategist Geoffrey Yu, "we believe that whatever the Fed will say, the key determination to make in identifying dollar's reaction function will be whether the market will be in a risk-on or risk-off mode ex-post, with bond yields and stock indices moving accordingly."
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Jun 19, 2013

GBP/USD top of trend line

The divergence of the daily RSI, together with the 200 day moving average at 1.5697 and the 13 count on the daily and the TD perfected set up all warned of the impending correction lower.
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