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22 May 2013
EUR/USD retreats to 1.2925/30, Bernanke eyed
FXstreet.com (Barcelona) - After climbing to the vicinity of 1.2960, the bloc currency is now giving away some gains, returning to the area of 1.2925/30 ahead of Bernanke’s testimony.
“Given the particular emphasis of its symmetric policy bias in the last FOMC statement… the market will be looking for evidence that the Fed’s concern about the weakening economic outlook has shifted the focus sufficiently away for near-term tapering”, noted M.Budkiewicz, Strategist at TD Securities
EUR/USD is now up 0.18% at 1.2929 with the next hurdle at 1.2943 (high May 15) followed by 1.3009 (MA21d) and finally 1.3030 (high May 14).
On the flip side, a breakdown of 1.2841 (low May 21) would aim for 1.2809 (low May 20) and then 1.2796 (low May 17).
“Given the particular emphasis of its symmetric policy bias in the last FOMC statement… the market will be looking for evidence that the Fed’s concern about the weakening economic outlook has shifted the focus sufficiently away for near-term tapering”, noted M.Budkiewicz, Strategist at TD Securities
EUR/USD is now up 0.18% at 1.2929 with the next hurdle at 1.2943 (high May 15) followed by 1.3009 (MA21d) and finally 1.3030 (high May 14).
On the flip side, a breakdown of 1.2841 (low May 21) would aim for 1.2809 (low May 20) and then 1.2796 (low May 17).