EUR/USD bulls lay hopes on doji

By FXstreet.com | July 20, 2014 AAA

FXStreet (Moscow) - EUR/USD is trying to develop feeble upside correction after a failed break below 1.3500 on Friday



EUR bulls count their blessings



EUR/USD briefly dipped below bespoke support of 1.3500 and set the new multi-month low at 1.3490 on Friday, but the move proved to be unsustainable as the pair reversed losses and finished the day nearly unchanged. Long-legged doji formed on daily charts following this dynamics, might signal that bearish momentum is running out of steam and short-term upside correction is not entirely out of the question. In this case the first target is located at 1.3645/50 (this is the upper border of the short-tern horizontal channel). Daily close below 1.3500 will negate this view.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3517, with support below at 1.3497, 1.3470 and 1.3450, with resistance above at 1.3544, 1.3564, and 1.3591. Hourly Moving Averages are mixed, with the 200SMA at 1.3582 and the daily 20EMA at 1.33592. Hourly RSI is bullish at 55.



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