6 May 2014
EUR/USD has nothing to crow about, stuck in the range
FXStreet (Moscow) - EUR/USD is sitting in a tight range close to the opening level of 1.3877, waiting for busy day ahead
Its the PMI day/strong>
EUR/USD ended Monday nearly unchanged after oscillating in a very narrow range as the market participants are getting ready for the key event of the week - the ECB monetary policy meeting and Draghi’s press-conference. April PPI numbers came out marginally better than expected (the index dropped 1.6% y/y against forecasted -1.7% y/y), but EUR traders were not impressed as the improvement is too small to claim victory over deflation threat. Today the European calendar is packed with high risk events. Service in Composite PMIs in European countries and in EZ as a whole will attract investors attention. No radical changes are expected, but signs of weakness might put the single currency under pressure across the board. EUR/USD might move to the area of medium demand clustered at 1.3850, if it is broken, the downside will extend to 1.3838. The upside will be limited by strong offers of approach to 1.3890.
What are today’s key EUR/USD levels?
Resistance can be found ahead of spot at 1.3879 [Last Price], 1.3881 (Daily High), 1.3886 (Monthly High), 1.3887 (Daily Classic R1), 1.3887 (Yesterday's High) and 1.3898 (Daily Classic R2).
Below, we can see support at 1.3876 (Daily Open), 1.3875 (Hourly 20 EMA), 1.3875 (Daily Classic PP), 1.3872 (Daily Low) and 1.3870 (Weekly High).
Patternwise, we can see a Doji formation on the 1-hour .
Its the PMI day/strong>
EUR/USD ended Monday nearly unchanged after oscillating in a very narrow range as the market participants are getting ready for the key event of the week - the ECB monetary policy meeting and Draghi’s press-conference. April PPI numbers came out marginally better than expected (the index dropped 1.6% y/y against forecasted -1.7% y/y), but EUR traders were not impressed as the improvement is too small to claim victory over deflation threat. Today the European calendar is packed with high risk events. Service in Composite PMIs in European countries and in EZ as a whole will attract investors attention. No radical changes are expected, but signs of weakness might put the single currency under pressure across the board. EUR/USD might move to the area of medium demand clustered at 1.3850, if it is broken, the downside will extend to 1.3838. The upside will be limited by strong offers of approach to 1.3890.
What are today’s key EUR/USD levels?
Resistance can be found ahead of spot at 1.3879 [Last Price], 1.3881 (Daily High), 1.3886 (Monthly High), 1.3887 (Daily Classic R1), 1.3887 (Yesterday's High) and 1.3898 (Daily Classic R2).
Below, we can see support at 1.3876 (Daily Open), 1.3875 (Hourly 20 EMA), 1.3875 (Daily Classic PP), 1.3872 (Daily Low) and 1.3870 (Weekly High).
Patternwise, we can see a Doji formation on the 1-hour .