7 May 2014
EUR/USD in on retreat ahead of busy European session
FXStreet (Moscow) - EUR/USD is moving slightly down on a quiet Asian session as the part opened at 1.3932 and reached current lows at 1.3925
Climbing higher to have more room to fall?
Investors wanted a pretext to buy euros and they got one in the form of slightly better than expected Service PMI data. While it is clear that the European economy started the second quarter on a positive note, despite Ukrainian crisis and threat of mutually dangerous sanctions. The European data flow starts from German factory order growth numbers that are expected to weaken from +0/6% m/m and 6.1% y/y in February to 0.4% and 4.4% in March. A bit stale, but still worth noticing piece of news as these figures serve as a leading indicator for industrial production trends for months ahead. Lower than expected numbers might put EUR under pressure though pronounced market reaction is not likely. As long as EUR/USD keeps above 1.3900, the short term trend is supposed to be bullish. Once the pair drops below the said support, the downside might accelerate to 1.3870. The upside will be limited by 1.3950.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3917, with support below at 1.3881, 1.3836 and 1.3800, with resistance above at 1.3962, 1.3998, and 1.4043. Hourly Moving Averages are bullish, with the 200SMA at 1.3860 and the daily 20EMA at 1.3842. Hourly RSI is bullish at 59.
Climbing higher to have more room to fall?
Investors wanted a pretext to buy euros and they got one in the form of slightly better than expected Service PMI data. While it is clear that the European economy started the second quarter on a positive note, despite Ukrainian crisis and threat of mutually dangerous sanctions. The European data flow starts from German factory order growth numbers that are expected to weaken from +0/6% m/m and 6.1% y/y in February to 0.4% and 4.4% in March. A bit stale, but still worth noticing piece of news as these figures serve as a leading indicator for industrial production trends for months ahead. Lower than expected numbers might put EUR under pressure though pronounced market reaction is not likely. As long as EUR/USD keeps above 1.3900, the short term trend is supposed to be bullish. Once the pair drops below the said support, the downside might accelerate to 1.3870. The upside will be limited by 1.3950.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3917, with support below at 1.3881, 1.3836 and 1.3800, with resistance above at 1.3962, 1.3998, and 1.4043. Hourly Moving Averages are bullish, with the 200SMA at 1.3860 and the daily 20EMA at 1.3842. Hourly RSI is bullish at 59.