17 Jan 2014
EUR/USD is paralyzed at 1.3618
FXstreet.com (Moscow) - EUR/USD is floating close to daily central pivot point at 1.3618 preparing for new catalysts from the American session.
Housing and consumer data may push the Euro down
Euro is in the catch between 1.3590 and 1.3630 narrowing this range to 10 pips in the morning, and cannot find a fuel to get out of it. Yesterday’s CPI numbers both from the EMU and the USA were not able to trigger a breakout, though American inflation did help the pair to recover part of the losses. Today is the last chance to see new levels before a weekend, and we must pay more attention to housing and consumer confidence data out of the USA. Preliminary UoM Consumer Sentiment has good potential to offset the negative feelings from weak retails sales and CPI data. The American consumer is the core of the economy, and if it feels good, it will resume spending supporting the rise of inflation pressures long-term. Thus, better than expected data may help the pair reach initial support level at 1.3585 followed by 1.3551.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3618, with support below at 1.3585 (S1), 1.3551 (S2) and 1.3518 (S3), with resistance above at 1.3652 (R1), 1.3685 (R2), and 1.3719 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.3627 and the daily 20EMA bearish at 1.3656. Hourly RSI is neutral at 49.
Housing and consumer data may push the Euro down
Euro is in the catch between 1.3590 and 1.3630 narrowing this range to 10 pips in the morning, and cannot find a fuel to get out of it. Yesterday’s CPI numbers both from the EMU and the USA were not able to trigger a breakout, though American inflation did help the pair to recover part of the losses. Today is the last chance to see new levels before a weekend, and we must pay more attention to housing and consumer confidence data out of the USA. Preliminary UoM Consumer Sentiment has good potential to offset the negative feelings from weak retails sales and CPI data. The American consumer is the core of the economy, and if it feels good, it will resume spending supporting the rise of inflation pressures long-term. Thus, better than expected data may help the pair reach initial support level at 1.3585 followed by 1.3551.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3618, with support below at 1.3585 (S1), 1.3551 (S2) and 1.3518 (S3), with resistance above at 1.3652 (R1), 1.3685 (R2), and 1.3719 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.3627 and the daily 20EMA bearish at 1.3656. Hourly RSI is neutral at 49.