Currency Analyst since 2010

EUR/USD's consolidating around $1.3350

EUR/USD reached $1.3385 yesterday, the highest level since the end of August, then was grinding lower to support at $1.3325 and then recovered to $1.3350 today. The pair’s consolidating ahead of the FOMC meeting result due on Wednesday. The Fed’s expected to reduce monthly QE by $5-$10 billion.

On the European agenda today we have the euro zone’s current account (08:00 GMT), trade balance (09:00 GMT) and German/EMU ZEW economic sentiment survey (09:00 GMT). The expectations for economic sentiment surveys are positive. European stocks have opened a bit lower today.

Resistance lies at $1.3370, $1.3380, $1.3400, $1.3415 and $1.3450. Support is at $1.3325/20, $1.3300 and $1.3275.

Chart. H1 EUR/USD

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