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21 May 2013
EUR/USD attempts to rebound, advances capped below 1.2900 thus far
FXstreet.com (Barcelona) - The EUR/USD attempted to claw back some recent losses today, closing up 64 pips in what was a fairly quiet session as far as news flow was concerned to finish the day at 1.2884.
According to Sean Callow at Westpac, “fedspeak was a little on the dovish side, encouraging profit-taking on USD longs. While Chicago Fed president Evans expressed optimism over the US economy in 2014 but said he would like to see a few more months of strong payrolls gains (above 200K) before being confident enough to reduce QE."
The sharply higher close for the day was an impressive start to the week, but the pair still has its work cut out for it going into the next few days if it wants to repair the technical damage which was done last week. According to Val Bednarik of FXStreet.com, “market has seen dollar giving up ground steadily this Monday, with the EUR/USD trading at its highest in 2 days by the end of US session, near 1.2900. In the 4 hours chart, technical readings point for an upward continuation, with price above 20 SMA and indicators heading higher around their midlines. However, movement remains mostly corrective after the almost steady slide from 1.3200: price advances will find short term sellers at 1.2950 first, while once above, 1.3000 should attract even more selling interest.”
According to Sean Callow at Westpac, “fedspeak was a little on the dovish side, encouraging profit-taking on USD longs. While Chicago Fed president Evans expressed optimism over the US economy in 2014 but said he would like to see a few more months of strong payrolls gains (above 200K) before being confident enough to reduce QE."
The sharply higher close for the day was an impressive start to the week, but the pair still has its work cut out for it going into the next few days if it wants to repair the technical damage which was done last week. According to Val Bednarik of FXStreet.com, “market has seen dollar giving up ground steadily this Monday, with the EUR/USD trading at its highest in 2 days by the end of US session, near 1.2900. In the 4 hours chart, technical readings point for an upward continuation, with price above 20 SMA and indicators heading higher around their midlines. However, movement remains mostly corrective after the almost steady slide from 1.3200: price advances will find short term sellers at 1.2950 first, while once above, 1.3000 should attract even more selling interest.”