29 May 2014
EUR/USD slipped below 1.36 just to rise again
FXStreet (Moscow) - EUR/USD opened the day at 1.3590, rose to 1.3609 session high, and is trading somewhere around at the moment.
How far the euro may go?
The pair is drifting around 1.36 area based on the market expectations that the ECB will present a wide range of stimulus measures next week during its meeting. Based the recent comments from Draghi, there’s no doubt the easing will be, and now it looks like the market is starting to price in not only the rate cut, but also the additional long term refinancing operation (LTRO). The recent economic data also put the EMU recovery strength under question, thus, putting 1.36 support on the agenda. The euro did spend some time below the strong support posting 4-month low at 1.3588, but had to come back above. If the level is finally broken, we may wait for another move lower with initial target at 1.3574.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3606, with support below at 1.3524, 1.3556 and 1.3574, with resistance above at 1.3624, 1.3656, and 1.3674. Hourly Moving Averages are mixed, with the 200SMA at 1.3662 and the daily 20EMA at 1.3712. Hourly RSI is bearish at 46.
How far the euro may go?
The pair is drifting around 1.36 area based on the market expectations that the ECB will present a wide range of stimulus measures next week during its meeting. Based the recent comments from Draghi, there’s no doubt the easing will be, and now it looks like the market is starting to price in not only the rate cut, but also the additional long term refinancing operation (LTRO). The recent economic data also put the EMU recovery strength under question, thus, putting 1.36 support on the agenda. The euro did spend some time below the strong support posting 4-month low at 1.3588, but had to come back above. If the level is finally broken, we may wait for another move lower with initial target at 1.3574.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3606, with support below at 1.3524, 1.3556 and 1.3574, with resistance above at 1.3624, 1.3656, and 1.3674. Hourly Moving Averages are mixed, with the 200SMA at 1.3662 and the daily 20EMA at 1.3712. Hourly RSI is bearish at 46.