7 May 2014
EUR/USD came back to 1.3930 area
FXStreet (Moscow) - EUR/USD rebounded from morning low at 1.3915 and reached 1.3932 high by the moment.
‘Wait and see’ mode
The lazy moves of the pair are explained by empty economic calendar, and the looming ECB meeting. As European equity markets opened lower and second-tier economic data came below expectations the pair came under mild pressure. French industrial output in March was -0.7% vs +0.2% expected, and French trade balance came out at -4.9 bln vs -3.8 bln previously, again proving the fragile recovery in the region. Nevertheless, hardly we will see any strong movements near-term, as the investors already positioned before the ECB meeting, and now switched on the ‘wait and see’ mode.
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.
‘Wait and see’ mode
The lazy moves of the pair are explained by empty economic calendar, and the looming ECB meeting. As European equity markets opened lower and second-tier economic data came below expectations the pair came under mild pressure. French industrial output in March was -0.7% vs +0.2% expected, and French trade balance came out at -4.9 bln vs -3.8 bln previously, again proving the fragile recovery in the region. Nevertheless, hardly we will see any strong movements near-term, as the investors already positioned before the ECB meeting, and now switched on the ‘wait and see’ mode.
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.