FXstreet.com (Barcelona) - Dollar renewed strength after Fed statement has capped EUR/USD rally from 1.2965 low yesterday at 1,3340 high reached right before the Fed, the Euro has dropped afterwards to levels above support level at 1.3245.
Despite the Euro's reverse, Nick Nasad, currency market analyst with CMS Forex, would not discard further appreciation for the Euro: The pullback amounted to about 38.2% of today;s rise, so wouldn't buy into the idea that the Euro is done climbing against the Dollar. we may be seeing a retracement. I think the recent string of positive news from the Euro-zone gives the recent Euro rallies some strength, and so it really depends on what perspective you have about the way things are going forward. The ECB meeting next week should help to clarify a lot of questions around the ECB
On the downside, the Euro might fond support at 1.3245 (Apr 27 high) and below there, 1.3215 and 1.3165. Resistance levels stand at 1.3340 (intra-day high), and above here, 1.3390 (Apr 13 high) and 1.3400.
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