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Forex pairs in this Article » EUR/USD
FXStreet (Moscow) - EUR/USD positioned above 1.3650 in the early Asia reaching 2-week high at 1.3678.

Euro may strengthen on USD weakness

EUR/USD managed to rise yesterday despite the weaker than expected data from French and Italian manufacturing. Nevertheless, the pair stalled before 1.3650 where good sellers’ demand was noted. Nevertheless, it broke higher today early in the morning on broad pessimism on USD. The move higher may continue up to 1.3705 resistance with a help of fundamental catalyst, and the dovish comments from new chairman before the Congress may be that very trigger. The testimony of Yellen is scheduled for American session, thus there is some possibility the market will increase USD shorts during the first half of the day. To the upside the minor resistance comes at 1.3662, and followed by 1.3679. The downside is limited by 1.3619 support level.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3636, with support below at 1.3619, 1.3593 and 1.3576, with resistance above at 1.3662, 1.3679, and 1.3705. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3563 and the daily 20EMA bullish at 1.3603. Hourly RSI is neutral at 70.
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