FXstreet.com (London) - Euro struggled in the previous trading session as a resurgent Dollar combined with lingering Eurozone doubts put pressure on the currency. Greece and Spain were the latest casualties as Ratings agencies are moving on several states, amidst doubts over the quality of soveriegn debts. Austria today also fell victim to the credit cuts as ratings agencies foresee difficulties for the aforementioned economies.
EUR/USD hit 10-week lows today bottoming out at 1.4502. The pair has been choppy in early Asian markets but seens to be settling now, as it currently trades at 1.4540/50.
Valeria Bednarik, collaborator at FXStreet.com, see upside trend continuing this session ahead of FED statements later today: Consolidating at 10 weeks low, pair has fell amid signs U.S. economy may be picking up steam ahead of countries in euro zone. Rally likely to extend during Asian session, as market keeps expecting a hawkish speech coming from FED later on Wednesday.
For resistance and support, this excellent technical report sees primary breakout levels at 1.4510 on the downside and 1.4580 should the upside extend.