24 Mar 2014
EUR/USD is testing 1.3800 with reluctance
FXStreet (Moscow) - EUR/USD started the day at 1.3797, posted session low at 1.3785, and rebounded 1.38 at the moment.
Draghi gave a clue
Last week Draghi gave us a clue what to look at before positioning on the euro. It hinted the markets that appreciating national currency is not something the euro zone may bear due to deflationary pressure, and export orientation of Germany. It means that as soon as the ECB understands that current level of the single currency deteriorates the regional economy, the regulator will step up, and add some stimulus. That’s why it’s important to keep an eye on the fundamentals out of the EMU. Today we will see a series of Flash Manufacturing PMI reports. Any positive surprises will keep the pair bid with initial target at 1.3817 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3791, with support below at 1.3770, 1.3744 and 1.3723, with resistance above at 1.3817, 1.3838, and 1.3864. Hourly Moving Averages are bearish, with the 200SMA at 1.3872 and the daily 20EMA bearish at 1.3813. Hourly RSI is neutral at 53.
Draghi gave a clue
Last week Draghi gave us a clue what to look at before positioning on the euro. It hinted the markets that appreciating national currency is not something the euro zone may bear due to deflationary pressure, and export orientation of Germany. It means that as soon as the ECB understands that current level of the single currency deteriorates the regional economy, the regulator will step up, and add some stimulus. That’s why it’s important to keep an eye on the fundamentals out of the EMU. Today we will see a series of Flash Manufacturing PMI reports. Any positive surprises will keep the pair bid with initial target at 1.3817 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3791, with support below at 1.3770, 1.3744 and 1.3723, with resistance above at 1.3817, 1.3838, and 1.3864. Hourly Moving Averages are bearish, with the 200SMA at 1.3872 and the daily 20EMA bearish at 1.3813. Hourly RSI is neutral at 53.