15 Apr 2014
EUR/USD is in retreat slashed by negative comments
FXStreet (Moscow) - EUR/USD opened the day at 1.3843, and since that time slightly edged down to 1.3837 session low by the moment.
ZEW data may disappoint
The euro came under pressure due to series of dovish comments, and mixed industrial data released on Monday. The 1.39-1.40 area still remains the line in the sand for the ECB, and every time the pair comes closer to that area, we may await a new wave of verbal interventions from the officials. In this environment the fundamentals are becoming the market focus, thus, today's ZEW data may become the key catalyst for the pair. We remember that German PMI numbers were worse than expected. Coupled with geopolitical tensions with Russia, and strong euro damaging the export activity, it may pull the Economic Sentiment index down. If so, wait for the move lower with the initial target at 1.3800 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3831, with support below at 1.3797, 1.3774 and 1.3740, with resistance above at 1.3854, 1.3888, and 1.3911. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.3793 and the daily 20EMA bullish at 1.3805. Hourly RSI is bearish at 38.
ZEW data may disappoint
The euro came under pressure due to series of dovish comments, and mixed industrial data released on Monday. The 1.39-1.40 area still remains the line in the sand for the ECB, and every time the pair comes closer to that area, we may await a new wave of verbal interventions from the officials. In this environment the fundamentals are becoming the market focus, thus, today's ZEW data may become the key catalyst for the pair. We remember that German PMI numbers were worse than expected. Coupled with geopolitical tensions with Russia, and strong euro damaging the export activity, it may pull the Economic Sentiment index down. If so, wait for the move lower with the initial target at 1.3800 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3831, with support below at 1.3797, 1.3774 and 1.3740, with resistance above at 1.3854, 1.3888, and 1.3911. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.3793 and the daily 20EMA bullish at 1.3805. Hourly RSI is bearish at 38.