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EUR/USD approaches key support at 1.3175 post-Fed

The US Dollar outperformed all of its counterparts following Bernanke’s announcement that the Fed could start tapering off of QE by the end of the year. In line with global equities, the euro took nearly a 100 pip hammering to close at 1.3284. At 11.3218 at the time of writing the bears are pushing the market further down heading towards key support level at 1.3175. The market is turning bearish and there seems to be limited upside potential. A consistent break below 1.3175 would reinforce the negative outlook in the market opening the way to the next key support area at 1.30. In the alternative scenario, we will have to see the upside penetration of 1.33 to reconsider, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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