26 Jan 2015
EUR/USD calm around 1.1240
FXStreet (Edinburgh) - The common currency is navigating the 1.1240 region vs. the US dollar, with EUR/USD coming back from 11-year lows at 1.1098.
EUR/USD digested Greek election
After an ephemeral knee-jerk to sub-1.1100 levels following the results of the parliamentary elections in Greece, spot managed to gather steam and climb over a big-figure to the mid-1.1200s, although losing some vigour afterwards. In the data space, consumer confidence in Germany gauged by the IFO series came in stronger for the present month, collaborating with today’s recovery.
Despite the slew of data in the euro bloc ahead in the week, the main event will be the FOMC meeting due on Wednesday. “Markets will look to the Fed for any signs that the central bank will stray from their expected path of normalizing rates later this year. The absence of a post-meeting press conference and updated economic projections will leave markets with only a communiqué to discern any noticeable change in stance, though we do not expect a strong shift in the Fed’s message”.
EUR/USD key levels
At the moment the pair is advancing 0.33% at 1.1245 and a breakout of 1.1288 (high Jan.23) would expose 1.1376 (high Jan.23) and then 1.1472 (Tenkan Sen). On the downside, the next support lines up at 1.1098 (hourly low Jan.26) followed by 1.1047 (low Sep.8 2003) and then 1.1000 (psychological level).
EUR/USD digested Greek election
After an ephemeral knee-jerk to sub-1.1100 levels following the results of the parliamentary elections in Greece, spot managed to gather steam and climb over a big-figure to the mid-1.1200s, although losing some vigour afterwards. In the data space, consumer confidence in Germany gauged by the IFO series came in stronger for the present month, collaborating with today’s recovery.
Despite the slew of data in the euro bloc ahead in the week, the main event will be the FOMC meeting due on Wednesday. “Markets will look to the Fed for any signs that the central bank will stray from their expected path of normalizing rates later this year. The absence of a post-meeting press conference and updated economic projections will leave markets with only a communiqué to discern any noticeable change in stance, though we do not expect a strong shift in the Fed’s message”.
EUR/USD key levels
At the moment the pair is advancing 0.33% at 1.1245 and a breakout of 1.1288 (high Jan.23) would expose 1.1376 (high Jan.23) and then 1.1472 (Tenkan Sen). On the downside, the next support lines up at 1.1098 (hourly low Jan.26) followed by 1.1047 (low Sep.8 2003) and then 1.1000 (psychological level).