EUR/USD Update, Pair Remain Under Pressure After A Long Rally

The EUR/USD is edging higher at 1.2939, as worries about Spain ease after Spain’s  prime minister dismissed speculation of the country bailout request.

The other influence in the Euro currency is data released in the U.S yesterday which showed signs of weakness in U.S. employment. Which could encourage the Federal Reserve to keep its monetary stimulus policy in place at expenses of weakening  the USD

EUR/USD pair remain under pressure after a long rally. And investor will be expecting that retail sales in the Eurozone decreased for a second month. On the 4 of October, the European central bank will be meeting and the outcome and any comments will be of interest to the market.

The other important news to look out for, will be coming from Moody’s rating agency, which may downgraded Spain to junk status.

Also, the Fed will announced  on the 4 of October that it will buy $40 billion of mortgage bonds a month.  Investors will wait for what direction the EUR/USD pair will take. At the moment is a 50-50.

The resistance level is around 1.3043 and the support level is at 1.2730. And the USD has slid 140 pips to 79.75.


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