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Forex pairs in this Article » EUR/USD (Moscow) - EUR/USD reached 1.3580 low overnight on positive US PPI data, but since then corrected higher trading at 1.3618 at the moment.

Double CPI data may give a clue

Euro was double hit yesterday, first by disappointing EMU data, and then by positive US data. Better than expected PPI gave the market hope that inflation pressure in the USA is strengthening after a period of easing. It may give FOMC members more room for further tapering. Today both euro zone and the States release the CPI data that may prove to be the key for the pair moves in short-term. If European data prepares positive surprise, it may trigger a modest recovery of EUR/USD to 1.3665 resistance level, though direction may be changed during American session.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3622, with support below at 1.3562 (S1), 1.3519 (S2) and 1.3459 (S3), with resistance above at 1.3665 (R1), 1.3725 (R2), and 1.3768 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.3625 and the daily 20EMA flat at 1.3569. Hourly RSI is neutral at 50.
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