9 May 2014
EUR/USD is testing 1.3930 after weak Trade data
FXStreet (Moscow) - EUR/USD came closer to 1.3830 support level, and is trying to break it through at the moment.
New epoch
Draghi did his outmost to persuade the market there was no future for the euro rise. It was not jawboning any more. It was quite realistic talk about the additional easing at the next ECB meeting. Thus, the chances of further sell-off of the pair are quite high – the regulator definitely doesn’t like the current levels of the single currency, and any additional arguments in favor of fragile recovery of the euro zone will be new catalysts for the move down. The recent German Trade Balance data came out weaker than expected with exports falling below the forecasts only confirming the view the appreciating euro puts its toll on the exporters. The next target to the downside is at 1.3783 support leve as soon as 1.38 is brokenl.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3889, with support below at 1.3783, 1.3727 and 1.3621, with resistance above at 1.3945, 1.4051, and 1.4107. Hourly Moving Averages are bearish, with the 200SMA at 1.3875 and the daily 20EMA flat at 1.3848. Hourly RSI is bearish at 30.
New epoch
Draghi did his outmost to persuade the market there was no future for the euro rise. It was not jawboning any more. It was quite realistic talk about the additional easing at the next ECB meeting. Thus, the chances of further sell-off of the pair are quite high – the regulator definitely doesn’t like the current levels of the single currency, and any additional arguments in favor of fragile recovery of the euro zone will be new catalysts for the move down. The recent German Trade Balance data came out weaker than expected with exports falling below the forecasts only confirming the view the appreciating euro puts its toll on the exporters. The next target to the downside is at 1.3783 support leve as soon as 1.38 is brokenl.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3889, with support below at 1.3783, 1.3727 and 1.3621, with resistance above at 1.3945, 1.4051, and 1.4107. Hourly Moving Averages are bearish, with the 200SMA at 1.3875 and the daily 20EMA flat at 1.3848. Hourly RSI is bearish at 30.