9 Apr 2014
EUR/USD walks down from recent peaks above 1.38
FXStreet (Moscow) - EUR/USD shows mild correction after impressive rise of Tuesday, sliding to 1.3790 area from 1.3796 at the open.
The party is over
The euro just jumped into the train which was driven by the yen and the pound. There were no fundamental reasons to expect the demand on the single currency, but for the USD weakness. And today the party is over, as the FOMC minutes are in store. The market doesn’t expect anything special or new from the statement. However, even the mentions of the more positive economic outlook, or the rising number of rate hike proponents will remind the investors that for now the FED is the only major central bank that is coming closer to tightening, while the rest of the world is in the middle of monetary easing. If so, wait for the broad retracement with initial target at 1.3751 support level, followed by 1.3705.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3782, with support below at 1.3751, 1.3705 and 1.3674, with resistance above at 1.3828, 1.3859, and 1.3905. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3756 and the daily 20EMA flat at 1.3778. Hourly RSI is bearish at 63.
The party is over
The euro just jumped into the train which was driven by the yen and the pound. There were no fundamental reasons to expect the demand on the single currency, but for the USD weakness. And today the party is over, as the FOMC minutes are in store. The market doesn’t expect anything special or new from the statement. However, even the mentions of the more positive economic outlook, or the rising number of rate hike proponents will remind the investors that for now the FED is the only major central bank that is coming closer to tightening, while the rest of the world is in the middle of monetary easing. If so, wait for the broad retracement with initial target at 1.3751 support level, followed by 1.3705.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3782, with support below at 1.3751, 1.3705 and 1.3674, with resistance above at 1.3828, 1.3859, and 1.3905. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3756 and the daily 20EMA flat at 1.3778. Hourly RSI is bearish at 63.