EUR/USD got depressed by European stocks and market fears

By FXstreet.com | July 21, 2014 AAA

FXStreet (Moscow) - EUR/USD rushed lower to 1.3518 with European stock markets opening on negative territory.



Weakness in the air



The pair rebounded from recent highs around 1.3548, as the European stock market opened lower confirming the fear about the escalating conflicts in Ukraine. Just recently, the Ukraine's military spokesman said operations in Eastern Ukraine were in "active phase". It may mean that Russia is going to get another round of sanctions which may have a negative effect of euro zone trading activity. German industrial data already showed some signs of slowing, and the just released Italian report confirms the trend – most of the IP report components deteriorated from the previous month. It may put the pair under additional pressure with the next target at 1.3497.



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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