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1 May 2013
Forex: EUR/USD glued to 1.3165/70
FXstreet.com (Barcelona) - The shared currency remains trapped within a very narrow range on Wednesday, hovering over 1.3165/70 ahead of the ADP Employment Change report for the month of April. Prior surveys expect the US private sector to have created 150K jobs, below March’s 158K.
Against the backdrop of the FOMC gathering this evening, Chief Analyst A. von Mehren at Danske Bank commented, “We expect a softer tone in the statement in light of recent weaker data but it is too soon to scale up the monthly bond purchases”.
EUR/USD is now up 0.01% at 1.3170 with the next hurdle at 1.3202 (high Apr.160 ahead of 1.3226 (50% of Feb-Apr slide) and then 1.3230 (daily cloud top).
On the flip side, a breakdown of 1.3120 (hourly high Apr.30) would open the door to 1.3050 (MA21d) and finally 1.2988 (low Apr.25).
Against the backdrop of the FOMC gathering this evening, Chief Analyst A. von Mehren at Danske Bank commented, “We expect a softer tone in the statement in light of recent weaker data but it is too soon to scale up the monthly bond purchases”.
EUR/USD is now up 0.01% at 1.3170 with the next hurdle at 1.3202 (high Apr.160 ahead of 1.3226 (50% of Feb-Apr slide) and then 1.3230 (daily cloud top).
On the flip side, a breakdown of 1.3120 (hourly high Apr.30) would open the door to 1.3050 (MA21d) and finally 1.2988 (low Apr.25).