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14 Jun 2013
EUR/USD on track for fourth weekly gain
FXstreet.com (Córdoba) - Despite having spent the last couple of days going back and forth, the EUR/USD is on track for a fourth straight week of gains amid broad dollar weakness.
EUR/USD builds foundations
Overall it has been a constructive week for the EUR/USD, as it managed to take another step higher by consolidating above the 1.3250 area which is now providing a decent floor. Just ahead of the closing bell, EUR/USD is trading at the 1.3340 zone (61.8% Fibo level of broader fall), down 0.3% on the day but up 1.1% this week.
FOMC decision next week
Next week, the Federal Reserve will decide on monetary policy on Wednesday, so major pairs will probably see consolidative moves as investors remain cautious until the announcement.
A break above 1.3390, 4-month high scored on Thursday, would pave the way for a rise towards 1.3435 (Feb 20 high) and even to the 1.3475/1.3500 area. On the other hand, 1.3300 and the former resistance around 1.3250 should offer support on dips.
EUR/USD builds foundations
Overall it has been a constructive week for the EUR/USD, as it managed to take another step higher by consolidating above the 1.3250 area which is now providing a decent floor. Just ahead of the closing bell, EUR/USD is trading at the 1.3340 zone (61.8% Fibo level of broader fall), down 0.3% on the day but up 1.1% this week.
FOMC decision next week
Next week, the Federal Reserve will decide on monetary policy on Wednesday, so major pairs will probably see consolidative moves as investors remain cautious until the announcement.
A break above 1.3390, 4-month high scored on Thursday, would pave the way for a rise towards 1.3435 (Feb 20 high) and even to the 1.3475/1.3500 area. On the other hand, 1.3300 and the former resistance around 1.3250 should offer support on dips.