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.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center