12 May 2014
EUR/USD is still around monthly lows
FXStreet (Moscow) - EUR/USD opened the day at 1.3753, moved lower to 1.3750, but rebounded to 1.3765 area by the moment.
GDP may show a recession
The pair continued the downside move started last Thursday now trading not far away from strong support level at 1.37. Although Draghi made every attempt to persuade the market in its readiness to do “whatever it takes”, the scheduled for release readings may revise the market sentiment. We have CPI and GDP numbers on the agenda, both of which are very important for the ECB in shaping up the further monetary policy course. Recent German data was so weak that raised some fears that the euro zone economy again slid to recession, and if this is the case, wait for another sell-off below 1.3760 with initial target at 1.3720 support level followed by 1.37.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3783, with support below at 1.3720, 1.3683 and 1.3620, with resistance above at 1.3820, 1.3883, and 1.3920. Hourly Moving Averages are bearish, with the 200SMA at 1.3867 and the daily 20EMA flat at 1.3839. Hourly RSI is bearish at 30.
GDP may show a recession
The pair continued the downside move started last Thursday now trading not far away from strong support level at 1.37. Although Draghi made every attempt to persuade the market in its readiness to do “whatever it takes”, the scheduled for release readings may revise the market sentiment. We have CPI and GDP numbers on the agenda, both of which are very important for the ECB in shaping up the further monetary policy course. Recent German data was so weak that raised some fears that the euro zone economy again slid to recession, and if this is the case, wait for another sell-off below 1.3760 with initial target at 1.3720 support level followed by 1.37.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3783, with support below at 1.3720, 1.3683 and 1.3620, with resistance above at 1.3820, 1.3883, and 1.3920. Hourly Moving Averages are bearish, with the 200SMA at 1.3867 and the daily 20EMA flat at 1.3839. Hourly RSI is bearish at 30.