24 Jan 2014
EUR/USD is got to be free – above 1.37
FXstreet.com (Moscow) - EUR/USD spent the morning around 1.37 area reaching 1.3697 high but not able to break above for now.
EUR is in full vigor
Thursday was the day X for the pair that broke several resistance levels on better than expected French and German PMI data. The surprising was the strength of the rush higher that may be explained by two factors. First, the market was bored, and exaggerated the reaction after 3 days of radio silence. Second, this was the catalyst for big institutional players diversifying the currency reserves, and interested in euro. There have long been rumors about growing interest of Asian investors to the single currency on the back of European recovery. The strong PMI levels could be convincing argument for the start of buy-out. If so, the further rise of the pair is not ruled out with the initial target at 1.3754 resistance level when 1.337 is broken.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3642, with support below at 1.3585, 1.3473 and 1.3416, with resistance above at 1.3754, 1.3811, and 1.3923. Hourly Moving Averages are bullish, with the 200SMA at 1.3600 and the daily 20EMA flat at 1.3628. Hourly RSI is neutral at 71.
EUR is in full vigor
Thursday was the day X for the pair that broke several resistance levels on better than expected French and German PMI data. The surprising was the strength of the rush higher that may be explained by two factors. First, the market was bored, and exaggerated the reaction after 3 days of radio silence. Second, this was the catalyst for big institutional players diversifying the currency reserves, and interested in euro. There have long been rumors about growing interest of Asian investors to the single currency on the back of European recovery. The strong PMI levels could be convincing argument for the start of buy-out. If so, the further rise of the pair is not ruled out with the initial target at 1.3754 resistance level when 1.337 is broken.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3642, with support below at 1.3585, 1.3473 and 1.3416, with resistance above at 1.3754, 1.3811, and 1.3923. Hourly Moving Averages are bullish, with the 200SMA at 1.3600 and the daily 20EMA flat at 1.3628. Hourly RSI is neutral at 71.