28 Apr 2014
EUR/USD got fear of heights, retraced to 1.3820 area
FXStreet (Moscow) - EUR/USD opened the day at 1.3843, sank to session low at 1.3814, and recovered to 1.3825 area by the moment.
CPI is the key
The pair started the day on a softer tone. Just released German Import Price data confirmed the subdued price pressure in the economy due to a strong national currency, again reminding of the main focus of the week ahead. Finally, we will get the key report of the month which may define the pair direction for the medium-term. The latest PMI data from the EMU did support the view that euro zone economy is doing well still speeding up the recovery pace. Nevertheless, the big question for the ECB is price pressure, and inflation reading has shown the levels below the trend recently. If the April CPI print from Germany, and the EMU as a whole will prove to be above expectations, wait for the higher demand on the euro with initial target at 1.3846 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3837, with support below at 1.3824, 1.3815 and 1.3802, with resistance above at 1.3846, 1.3859, and 1.3868. Hourly Moving Averages are bullish, with the 200SMA at 1.3820 and the daily 20EMA bullish at 1.3812. Hourly RSI is bullish at 54.
CPI is the key
The pair started the day on a softer tone. Just released German Import Price data confirmed the subdued price pressure in the economy due to a strong national currency, again reminding of the main focus of the week ahead. Finally, we will get the key report of the month which may define the pair direction for the medium-term. The latest PMI data from the EMU did support the view that euro zone economy is doing well still speeding up the recovery pace. Nevertheless, the big question for the ECB is price pressure, and inflation reading has shown the levels below the trend recently. If the April CPI print from Germany, and the EMU as a whole will prove to be above expectations, wait for the higher demand on the euro with initial target at 1.3846 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3837, with support below at 1.3824, 1.3815 and 1.3802, with resistance above at 1.3846, 1.3859, and 1.3868. Hourly Moving Averages are bullish, with the 200SMA at 1.3820 and the daily 20EMA bullish at 1.3812. Hourly RSI is bullish at 54.