EUR/USD around 1.2830, Bernanke eyed

FXstreet.com (Edinburgh) - The bloc currency seems to have found a comfort zone around 1.2820/30 on Wednesday, as traders get ready for the FOMC minutes and Bernanke’s speech.

EUR/USD upside under pressure

Market consensus points to a hawkish tone from the minutes, although Bernanke would have the opportunity later to massage down the tone, netting a more friendly overcome for the single currency. In the opinion of BBH Global Currency Strategy Team, “Bernanke, who has expressed some surprise at the extent of the increase in market rates, is expected to continue to try calming investors' nerves. This warns that while there may be some volatility around the headlines from the FOMC minutes, there may not be much follow-through”.

EUR/USD levels to watch

The pair is currently advancing 0.22% at 1.2822 and a surpass of 1.2898 (high Jul.9) would target 1.2912 (23.6% of 1.3417-1.2755) en route to 1.2916 (high Jul.5). On the flip side, support levels align at 1.2765 (weekly cloud base) ahead of 1.2755 (low Jul.9) and finally 1.2740 (2013 low Apr.4).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS