Forex: EUR/USD tries to regain 1.3100 again

After rising to 1.3119 high during the European session, the EUR/USD eased a bit but its retracement was limited to 1.3074, staying above the opening price. The market is currently moving back to the upside, regaining the 1.3100 handle.

About Fed's Bernanke speech later at 15:00 GMT, TD Securities analysts said: “This will be the first update since the Fed adopted open-ended QE, and there is little doubt that Congress will be interested in exactly how and when the Fed will end the program”, wrote analyst Annette Beacher. “Aside from Bernanke’s updated outlook on the economy (probably slightly more upbeat), the market will be looking for any further clarification on when QE will end and what specific triggers the Fed may use to gauge the end of the program”, she added.

“Yesterday's test of 1.3300 resistance area has failed and an impulsive sell-off followed the intraday peak at 1.3320”, wrote Deltastock.com analyst Stoyan Mihaylov. “The downtrend from 1.3710 on the senior frames remains intact with a crucial level at 1.3320 and the intraday bias is positive for a test of 1.3160 resistance area”, he continued.