Author: FX_Trdr

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By CountingPips.com

The European common currency rose on Wednesday against the US dollar in foreign exchange market trading action following a down day on Tuesday. The EUR/USD currency pair closed above the 1.2935 exchange rate at the end of the New York trading session after reaching a high of 1.2976 for the day.

This EUR/USD has basically been range trading for the past eight or nine trading days between the 1.2850 area on the downside and the 1.3000 major level on the upside. These two frequent support and resistance levels will really help dictate when this pair will break out of this range eventually when one of these prices is broken and left in the rear-view mirror. For now we can only wait.

Recently, US dollar strength across the board has been the dominant theme of the forex markets but many of the major US dollar pairs have been or seem to be entering a consolidation phase on the daily charts. Is there a more substantial correction in the offering?

Potential catalysts in the next few days are Thursday’s United States GDP report for the first quarter as well as US personal consumption data and on Friday the euro zone consumer price index is released. Next week, trading action will revolve around the important Non-farm Payrolls Employment number out of the US.

EUR/USD Daily Chart

EUR/USD Weekly Chart

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Research

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