EUR/USD has been paring back some ground on a broadly weaker dollar across the board today. There has been a number of data releases for the pair out of Europe today, but the market will be looking to the FOMC minutes and Bernanke speaking later on. The market is expecting a less hawkish tone and hat has weighed on the dollar.
EUR/USD focus downside
Karen Jones at Commerzbank said the focus is now on the downside and in particular the 1.2740 April low. â€œBelow 1.2740 we target 1.2661 November low en route to the 1.2050 200 MONTH ma. Rallies will have little to no impact while capped by the 1.3055/1.3103 resistance (55 and 200 day moving averages and the high from the 28th June). Initial resistance lies 1.2900/11 (38.2% retracement) and the Elliott wave count on the daily chart continues to suggest a retracement to 1.2940-1.2985 ahead of failure, but this is looking less likely.â€
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