23 May 2014
EUR/USD is sitting in the range, waiting for triggers
FXStreet (Moscow) - EUR/USD is consolidating early in Europe, off the Asian lows set at 1.3640
Fundamental weakness
While the market practically ignored the recent current account data from the EMU, we still need to pay attention to the recent decline of surplus from 21.8 bln to 18.8 bln euro reaching the lowest level since last September. If the current development becomes a trend, it may become another argument in favor of further weakness of the euro. Today IFO business climate data is of interest, and positive surprise may give the pair fuel for a rebound with initial target at 1.3690 resistance.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3663, with support below at 1.3637, 1.3618 and 1.3592, with resistance above at 1.3682, 1.3708, and 1.3727. Hourly Moving Averages are bearish, with the 200SMA at 1.3703 and the daily 20EMA at 1.3726. Hourly RSI is bearish at 37.
Fundamental weakness
While the market practically ignored the recent current account data from the EMU, we still need to pay attention to the recent decline of surplus from 21.8 bln to 18.8 bln euro reaching the lowest level since last September. If the current development becomes a trend, it may become another argument in favor of further weakness of the euro. Today IFO business climate data is of interest, and positive surprise may give the pair fuel for a rebound with initial target at 1.3690 resistance.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3663, with support below at 1.3637, 1.3618 and 1.3592, with resistance above at 1.3682, 1.3708, and 1.3727. Hourly Moving Averages are bearish, with the 200SMA at 1.3703 and the daily 20EMA at 1.3726. Hourly RSI is bearish at 37.