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Forex: EUR/USD remains trapped around 1.3080/85

By FXstreet.com,  January 09, 2013, 03:28:00 AM EDT

FXstreet.com (Barcelona) - The shared currency continues to orbit around 1.3080 on Wednesday, looking for any catalyst in order to break the consolidation pattern initiated yesterday.

A prima facie, the Q4 GDP figures due later would offer investors the chance to break the congestion, although the real catalyst will be tomorrow's ECB monetary policy meeting. Market consensus discards any change in the interest rate, although a dovish tone is expected in the later press conference by President M.Draghi, adding extra pressure to the EUR.

The pair is slightly up 0.01% at 1.3083 and a surpass of 1.3140 (high Jan.8) would clear the way to 1.3144 (MA10d) and 1.3161 (MA21d).
On the other hand, support levels lie at 1.3058 (low Jan.8) ahead of 1.3036 (Lower Bollinger) and finally 1.3018 (low Jan.7).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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