Forex: EUR/USD bounces at 1.4031, up to 1.4060 area

By IBTimes Staff Reporter | January 27 2010 9:49 AM

FXstreet.com (Barcelona) - The EUR/USD is on the rise, having pushed ahead of the 1.4050 level, which provided minimum resistance, and is now moving upwards in the 1.4060 level. This current jump comes after the pair fell from a session high of 1.4087 to bounce at 1.4031.

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The market's attention is now focused on US new home sales figures to be released at 15:00 GMT as a precursor for the main event of the Federal Reserve's interest rate decision at 19:15 GMT.

Valeria Bednarik, FXstreet.com independent analyst, points to the short-term resistance level at 1.4120 with support coming at 1.4025.

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