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.

comments powered by Disqus
Related Forex Analysis
  1. EUR/USD extends gains to 1.2640
    Forex News

    EUR/USD extends gains to 1.2640

  2. EUR/USD 1.2700 is Resistance Now
    Forex News

    EUR/USD 1.2700 is Resistance Now

  3. US Dollar Forecast to Rally Further, but Why Have Risks Grown?
    Forex News

    US Dollar Forecast to Rally Further, but Why Have Risks Grown?

  4. Euro Forecast to Depreciate Further versus Dollar
    Forex News

    Euro Forecast to Depreciate Further versus Dollar

  5. Natural gas pares gains after supply report
    Forex News

    Natural gas pares gains after supply report

Trading Center