30 Apr 2014
EUR/USD is perilously close to 1.38 support
FXStreet (Moscow) - EUR/USD is moving lower in the morning touching 1.3796, and retreating to 1.3808 at the moment.
Treat or retreat?
The pair will have plenty of catalysts for today. We already saw unchanged Germany retail sales, so the next focus is on German labor data that may show the further recovery of the sector. If numbers prove to be better than expected it may give some mild impulse to the pair with initial target at 1.3832 resistance. However, the key event from the EMU today is the euro zone CPI data. Still subdued price pressure may revive the expectations of additional easing from the ECB. Thus, the retreat from current levels is not ruled out with possibility to break below 1.38 and rush to 1.3757 initially.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3832, with support below at 1.3785, 1.3757 and 1.3710, with resistance above at 1.3860, 1.3907, and 1.3935. Hourly Moving Averages are bearish, with the 200SMA at 1.3825 and the daily 20EMA flat at 1.3815. Hourly RSI is bearish at 35.
Treat or retreat?
The pair will have plenty of catalysts for today. We already saw unchanged Germany retail sales, so the next focus is on German labor data that may show the further recovery of the sector. If numbers prove to be better than expected it may give some mild impulse to the pair with initial target at 1.3832 resistance. However, the key event from the EMU today is the euro zone CPI data. Still subdued price pressure may revive the expectations of additional easing from the ECB. Thus, the retreat from current levels is not ruled out with possibility to break below 1.38 and rush to 1.3757 initially.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3832, with support below at 1.3785, 1.3757 and 1.3710, with resistance above at 1.3860, 1.3907, and 1.3935. Hourly Moving Averages are bearish, with the 200SMA at 1.3825 and the daily 20EMA flat at 1.3815. Hourly RSI is bearish at 35.