EUR/USD got no clue from German PPI

By FXstreet.com | July 20, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3527, and gradually moved higher posting session high at 1.3548, and retreating to 1.3540 area at the moment.



Two things to prevent a rebound



The pair made an attempt to break below 1.35 on Friday, but it failed, and this may be a serious indicator the pair has found its bottom, and may stage a recovery in the week ahead. There are two things that may prevent the pair from rebound – escalating tensions with Russia, and worse than expected data from the euro zone. Pay special attention to PMI reports, as they show the current trends in the economy in contrast to the lagging GDP numbers.



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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