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18 Sep 2013
EUR/USD hitting overbought readings but is still below 1.3432 resistance
FXstreet.com (Barcelona) - The bearish tone to the US Dollar Tuesday allowed the EUR/USD to rebound nicely after Monday’s somewhat bearish close. All eyes now focused on the FOMC news due out from the US Wednesday.
EUR/USD traders will clearly be focused on the Fed’s announcements Wednesday
There are virtually no meaningful announcements due from the EU Wednesday to influence EUR/USD – but even if there were, they would be overshadowed by the hugely anticipated FOMC rate decision and tapering-related announcement.
Technical outlook for EUR/USD
The EUR/USD has been drifting higher for the last two weeks leading up to tomorrow’s announcements. Technicians say the drift has failed to produce any clear breakout, though. They note that only a close above 1.3432 will change the chart from macro-bearish to macro-bullish. Support for EUR/USD comes in at 1.3253 – the 9/13 low.
EUR/USD traders will clearly be focused on the Fed’s announcements Wednesday
There are virtually no meaningful announcements due from the EU Wednesday to influence EUR/USD – but even if there were, they would be overshadowed by the hugely anticipated FOMC rate decision and tapering-related announcement.
Technical outlook for EUR/USD
The EUR/USD has been drifting higher for the last two weeks leading up to tomorrow’s announcements. Technicians say the drift has failed to produce any clear breakout, though. They note that only a close above 1.3432 will change the chart from macro-bearish to macro-bullish. Support for EUR/USD comes in at 1.3253 – the 9/13 low.