EUR\/USD gave back part of its earlier advance on Wednesday after a US Treasury bond-buyback announcement triggered brief volatility, lifting yields and allowing the US Dollar to pare losses. With the European Central Bank due to set rates on Thursday, traders were reluctant to press bullish positions. The pair was trading around 1.1640, trying to build on a move above the 200-day Simple Moving Average at 1.1633, while Scotiabank said markets were fully pricing a 25bpt hike this week and another 25bpts in December.<\/p>\n\n
Technically, EUR\/USD has remained above the 50-day and 100-day SMAs and is marginally above the 200-day gauge, after rebounding from below 1.1400 in late July and briefly exceeding 1.1700 on 21 August. The Relative Strength Index was described as in the upper 50s and rising, standing near 58, while the MACD stayed slightly below zero as its red histogram faded. Resistance sits at 1.1700 and then 1.1800, whereas support is seen at 1.1633, followed by 1.1561 and 1.1522; a further slide could bring 1.1400 back into view.<\/p>\n\n\n\n