EUR/USD is glued to its opening level of 1.3645

By FXstreet.com | Updated June 08, 2014 AAA

FXStreet (Moscow) - EUR/USD is paralyzed at 1.3645 in Asia as markets are getting ready for a new trading week

EUR/USD let the bears down

Interesting picture on EUR/USD weekly charts may signal that the downside correction against the long-term bullish trend is coming to an end and the pair is entering consolidation phase. Doji of the previous week is followed by another long-legged doji candle that clearly demonstrate that the bears had a chance to settle at the psychologically important support of 1.3500, but they let it slip through their fingers. The market reaction to the ECB stimulating measures was violent, but short-lived, which means that investors are not quite sure that the central banker will go on with their attempts to devalue EUR. From the technical point of view, the pair needs to close below 1.3600 or above 1.3680 on weekly basis to become more directional

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3647, with support below at 1.3594, 1.369 and 1.3541, with resistance above at 1.3627, 1.3655, and 1.3670. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3618 and the daily 20EMA at 1.3669. Hourly RSI is bullish at 52.

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