EUR/USD is digging the bottom around 1.3520

By FXstreet.com | July 16, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3524, made an attempts to rise above 1.3530, but stumbled and came back to 1.3520 area.



While Portugal is on the background



The euro is still trading close to monthly lows as there is lack of data to be happy with. The Portuguese issue is still here, but went to the background. And today we can get another reason to move, as euro zone CPI data is scheduled for release. If inflation data confirms the downtrend, and comes out below the expectations, it may be another factor for the euro selling with initial target at 1.3505 support level.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3540, with support below at 1.3505, 1.3485 and 1.3450, with resistance above at 1.3560, 1.3595, and 1.3615. Hourly Moving Averages are bearish, with the 200SMA at 1.3597 and the daily 20EMA bearish at 1.3607. Hourly RSI is bearish at 29.



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