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18 Mar 2015
EUR/USD: Corrective bias ahead of the FOMC - JPMorgan
FXStreet (Bali) - Niall O’Connor, Global FX Strategist at JP Morgan, notes that ahead of the FOMC, EUR/USD price action continues to reflect a corrective bias with key levels holding so far.
Key Quotes
"While this week’s two-sided action for the broad USD picture is intact, there is no change to the short term view. As we await the results from the FOMC, the price action continues to reflect a corrective bias as key levels are holding which remains consistent with the overall bullish bias."
"Key levels remain well-defined highlighted by the 101.80 level for the DXY as the next important hurdle with key nearby support levels at 97.83/29. Also, we continue to monitor the 1.0684/1.0840 levels for EUR/USD for signs of a deeper short term retracement. Again, the medium term setup maintains the view for an extension into the 1.02/1.00 zone."
Key Quotes
"While this week’s two-sided action for the broad USD picture is intact, there is no change to the short term view. As we await the results from the FOMC, the price action continues to reflect a corrective bias as key levels are holding which remains consistent with the overall bullish bias."
"Key levels remain well-defined highlighted by the 101.80 level for the DXY as the next important hurdle with key nearby support levels at 97.83/29. Also, we continue to monitor the 1.0684/1.0840 levels for EUR/USD for signs of a deeper short term retracement. Again, the medium term setup maintains the view for an extension into the 1.02/1.00 zone."