EUR/USD is frustrated as range is narrowing

By FXstreet.com | August 14, 2014 AAA

FXStreet (Moscow) - EUR/USD has moved to Asian high at 1.3368 after a dull morning at 1.3363 level; current trading range of the pair is 10 pips as Asian traders are already in the weekend mood.

Trapped?

As the week is drawing to an end, it is save to suggest that EUR/USD will continue consolidating with bearish bias. Dismal GDP reports from Eurozone countries triggered EUR sell off, but markets were prepared for such outcome and did not let the single currency out of the range. In a longer term perspective it may signal more pronounced period of indecisive concolidation before the downside is resumed. It becomes more of a technical play where the upside is limited by 1.3476 trend line resistance, while the downside is capped by 1.3330 support.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3374, with support below at 1.3339, 1.3314 and 1.3279, with resistance above at 1.3399, 1.3434, and 1.3459. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3376 and the daily 20EMA bearish at 1.3425. Hourly RSI is bearish at 46

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