5 Feb 2014
EUR/USD dived before European show
FXStreet (Moscow) - EUR/USD again spent the whole morning close to 1.3530 interim resistance, leaving it only to reach morning low at 1.3498 close to which it trades for now.
EUR need to get one more argument
The pair spent too much time in too narrow range, and even better than expected PPI was not able to resume the rally. The main barrier for the euro to rise is the looming ECB meeting, as some investors wait for new stimulus to be launched on this Thursday. Nevertheless, the more positive data from the EMU we get, the more chances the ECB will take neutral stance, and the more demand we will see on the pair. Today’s release of the Services PMI may prove to be crucial for monetary policy expectations, thus, any disappointments may put the pair under heavy pressure. To the downside the support comes at 1.3516, and followed by 1.3492. The upside is limited by 1.3563 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3516, with support below at 1.3492, 1.3469 and 1.3445, with resistance above at 1.3539, 1.3563, and 1.3586. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3605 and the daily 20EMA bearish at 1.3601. Hourly RSI is neutral at 47.
EUR need to get one more argument
The pair spent too much time in too narrow range, and even better than expected PPI was not able to resume the rally. The main barrier for the euro to rise is the looming ECB meeting, as some investors wait for new stimulus to be launched on this Thursday. Nevertheless, the more positive data from the EMU we get, the more chances the ECB will take neutral stance, and the more demand we will see on the pair. Today’s release of the Services PMI may prove to be crucial for monetary policy expectations, thus, any disappointments may put the pair under heavy pressure. To the downside the support comes at 1.3516, and followed by 1.3492. The upside is limited by 1.3563 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3516, with support below at 1.3492, 1.3469 and 1.3445, with resistance above at 1.3539, 1.3563, and 1.3586. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3605 and the daily 20EMA bearish at 1.3601. Hourly RSI is neutral at 47.