Currency Analyst since 2010

EUR/USD: playing with $1.3300

EUR/USD is once again trying to break above $1.3300.

Many analysts are bullish on the single currency. UBS says that as the bullish trend is intact as reflected by the MACD above the 0 line, there’s a potential is for the pair to move above $1.3297 to test the key resistance at $1.3417, while support lies at $1.3166.

Credit Agricole recommend buying EUR/USD on the dips targeting possibly $1.3400 depending on what the Fed’s Chairman Bernanke says on Wednesday. No news is expected from the ECB on Thursday.

Still, Commerzbank expects EUR/USD to fail around $1.3300 and slide towards $1.3000: “The market stays bid intraday above $1.3165. Below here targets $1.3000 and loss of this zone is needed to re-target the $1.2755/40 recent low and April low”.

Danske Bank says that “the market may have got ahead of itself in expecting a soft FOMC statement.” USD also came under pressure after a media report last week said the Fed may adjust forward guidance to stress that interest rates will stay low for a long time. The specialists think that the Fe’s comments may push EUR/USD to $1.3350, but recommend selling euro on rallies.

Chart. Daily EUR/USD

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