EUR/USD is fast asleep at the opening level of 1.3630

FXStreet (Moscow) - EUR/USD is sitting in a tight range after opening at 1.3630 as investors are getting ready for the data reach European session

Hold your breath! ECB is ready for action

From the technical point of view, doji on weekly charts suggests that the pair has formed a short-term bottom and an upside correction is in store for us. Weekly close above 1.3600 after a short-lived dip to 1.3585 supports tis view. But this week we have a potentially life-changing ECB meeting, as the bank is widely expected to ease monetary policy and implement some kind of stimulus to ward off the deflation risks. Against this background, German CPI data published later today will attract a good deal of attention. According to the forecasts, the inflation in the largest EZ economy has stabilized in May, thus, positive numbers may trigger some hesitation among investors and support the technically induced upside correction. In this case the first resistance will come at 1.3647/50. Once it is broken, the pair may extend the upside to 1.3680.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3628, with support below at 1.3604, 1.3575 and 1.3551, with resistance above at 1.3657, 1.3668, and 1.3710. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3641 and the daily 20EMA at 1.3695. Hourly RSI is bullish at 54.