EUR/USD got the IP data, and fall asleep

By FXstreet.com | July 14, 2014 AAA

FXStreet (Moscow) - EUR/USD posted 1.3639 high at European open, slid to 1.3627 before the IP data, and moving up just a couple of pips right after.

IP can't

The initial happiness about the positive stock market opening faded away, and the market focused on first European release today – the EMU Industrial Production numbers. The numbers came a little bit better at -1,1% m/m, +0.5% y/y vs -1,2% m/m, +0.5% y/y expected. The data had very mild impact on the pair with the euro trading around 1.3630 at the moment. The market is more focused on monetary policy hints, thus the looming Draghi speech, and Jannet Yellen testimony will be the key drivers ahead. The recent spike of activity among the major pairs could have been related to the article in WSJ on intensifying debate among the Federal Reserve's regional bank presidents about whether to push interest rates up from zero sooner than planned because of recent improvements in the U.S. job market.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3608, with support below at 1.3590, 1.3573 and 1.3555, with resistance above at 1.3625, 1.3643, and 1.3660. Hourly Moving Averages are mixed, with the 200SMA at 1.3620 and the daily 20EMA flat at 1.3621. Hourly RSI is bullish at 50.

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