The EUR/USD pair has managed to stay within the 1.3300-1.3340 range today, which is slightly lower than its run late last week. The pair peaked at 1.3379 late in August 16's trading, although it failed to maintain that level as it dropped to 1.3310 late in the US session.
No massive changes are expected from the pair at the early part of this week. Serious activity may only start around Wednesday during the release of the US FOMC minutes (6:00pm GMT). More EUR/USD-related activity will happen from Thursday to Saturday as the Jackson Hole Symposium opens (Thursday) and Germany's GDP data will be released (August 23, 6:00am GMT).
The EUR/USD pair is currently trading at 1.3333, with initial resistance seen at 1.3355, followed by 1.3388. Meanwhile, initial support is at 1.3284, followed by 1.3251.
The GBP/USD rose even further in today's European trading. The pair initially opened at around the 1.5607 level, but has since rallied over the past few hours and is currently trading at 1.5660. This enabled the pair to continue the uptrend that began late last week.
Important data that could affect the pair would come from the FOMC minutes and Jackson Hole Symposium we mentioned earlier as well as UK's revised GDP data (August 23, 8:30am GMT). Analysts, however, expect the QoQ GDP to stay at 0.6%.
Initial resistance for the GBP/USD is at 1.5643, followed by 1.5682. Meanwhile, initial support is at 1.5592, followed by 1.5553.
Overall, traders look for even more signs that the Fed will start tapering next month during its Open Market Committee meeting on 17-18 September. So far, more and more data support the possibility of a QE tapering, most recently the US retail sales which have risen four months in a row, as well as its ex-auto sales which have risen by 0.5% MoM.
Create a FREE account