Forex: EUR/USD consolidates as Eurogroup meets

FXstreet.com (Córdoba) - The euro moved slightly higher versus the dollar, although it remained within its daily range, after data showed the Chicago Fed national activity index slumped in September.

The EUR/USD continues to waver around its pre-weekend levels as eurozone finance ministers meet again to discuss Greek situation. At time of writing, EUR/USD is quoting at the 1.2970 zone, where it is virtually unchanged since opening, having hit a low of 1.2943 at the beginning of the European session.

From a technical view, the ICN.com team notes that the pair has been trading narrowly following the sharp upside movements seen on Friday. “It is still trapped below 1.30 psychological level which also represents a previous solid support. Anyway, we suggest potential breakout above the 1.30s due to the positive effect of the weekly candlestick”, they say. “On the downside, clearing 1.2825 will change these expectations”.

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