EUR/USD has died somewhere at 1.3420, reanimation needed

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Moscow) - EUR/USD is lethargic early in Asia amid lack of market moving events. The pair returned to its opening level of 1.3421 after moving to Asian low of 1.3414

Short-term recovery is not a myth

EUR/USD longer-term sentiments are definitely bearish. But the nearest horizon might be not that cloudy as a dragonfly doji on weekly chart and a series of three higher daily lows on daily chart indicate that bearish momentum is waning and the pair might have some period of consolidation. At least until ECB announces its monetary policy decision later this week. Today’s European macroeconomic calendar is light. EZ PPI failed to catch investor’s eye on Monday, maybe today’s Service PMI will be more exciting, though it is not a market mover by nature. From the technical point of view, keep an eye at 1.3445 (Friday’s high) on the upside and 1.3400 on the downside

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3421, with support below at 1.3409, 1.3395 and 1.3383, with resistance above at 1.3435, 1.3476, and 1.3461. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3445 and the daily 20EMA bearish at 1.3485. Hourly RSI is bullish at 51.

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