EUR/USD is depressed by German readings

By FXstreet.com | July 06, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3594, slid to 1.3575 at the moment, and is on the way lower due to weak German data.

Back and forth around 1.36
The pair is trading just below 1.36 area still impressed by stronger than expected US data. However, the week ahead promises to be rather dull from the fundamental point of view, thus, the recovery back above is not ruled out, but only if some second-tier data prove to be euro supportive. Just released German data confirmed the fall of industrial production to -1.8% m/m, +1.3% y/y from -0.3% m/m, +1.8% y/y previously. This is another argument in favor of euro zone economical weakness, as even the largest economy of the region is under the pressure, and may no longer bear the burden of the periphery.
What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3597, with support below at 1.3583, 1.3570 and 1.3556, with resistance above at 1.3610, 1.3624, and 1.3637. Hourly Moving Averages are bearish, with the 200SMA at 1.3636 and the daily 20EMA bearish at 1.3625. Hourly RSI is bearish at 33.

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